USD/JPY Signal Update
Yesterday’s signals expired without being triggered.
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 120.12.
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 test of 118.00.
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.
Long Trade 2
Long entry following some bullish price action on the H1 time frame immediately upon the first retest of the broken bullish trend line currently sitting at around 117.38.
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
Although this pair continues to consolidate, it is now possible to draw a new bullish trend line connecting some multiple swing lows. This trend line is currently sitting very close to the whole number support that can be expected at 118.00 which should bring some strenthening confluence to that support level.
There are no high-impact events scheduled for the JPY today. Regarding the USD, at 1:30pm London time there will be a release of U.S. CPI and Unemployment Claims data.