USD/JPY Signal Update
Yesterday’s signals were not triggered and expired.
Today’s USD/JPY Signal
Risk 0.75%
Trades may be entered only before 5pm New York time, and then after 8am Tokyo time.
Long Trade 1
Long entry following bullish price action on the H1 time frame immediately after the price first reaches 117.75.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry following bearish price action on the H1 time frame immediately after the price first reaches 121.00.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
This pair made a fairly strong drop yesterday, before recovering somewhat later.
It is too early to write off the upwards trend, but it is beginning to look like this pair is entering a phase of consolidation. However as the swings have been very strong, the initial waves of the consolidation are likely to produce quite a lot of directional pips.
Right now the pair is in no-man’s land, although there are weakly bullish signs.
There are no high-impact data releases scheduled today concerning the JPY, as it is a public holiday in Japan. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.