USD/JPY Signal Update
Yesterday's signals were not triggered and expired.
Today’s USD/JPY Signal
Risk 0.75%
Trades may only be taken between 8am London time and 5pm New York time only, or after 8am Tokyo time later.
Short Trade 1
Short entry following some bearish price action on the H1 time frame immediately upon the first test of the long-term bearish trend line currently sitting at around 120.30.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 1
Long entry following some bullish price action on the H1 time frame immediately upon the first retest of the broken trend line which is currently sitting at about 117.75 and/or the level at 118.00 itself.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
We have a considerable gap between likely resistance and support and yesterday the price remained well within that gap. This pair fluctuated little and moved down in line with the rest of the market when the FOMC minutes were released and the picture for the USD regarding its base rate became more bearish. Despite that, the move was not great.
It seems most likely that the next move will be a fall down to the 118.00 level where we may get a chance to enter a long trade.
There are no high-impact events scheduled for the JPY today. Regarding the USD, at 1:30pm there will be a release of US Unemployment Data followed by the Philly Fed Manufacturing Index at 3pm.