USD/JPY Signal Update
Yesterday’s signals expired without being triggered as the price never hit either the bearish trend line above, or the 116.82 level.
Today’s USD/JPY Signal
Risk 0.75%
Trades must be made between 8am London time and 5pm New York time only, or after 8am Tokyo time later.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the first touch of the bearish trend line above, currently sitting at about 118.17.
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
Go long following some bullish price action on the H1 time frame immediately upon the first touch of 116.82.
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
For yet another day it has to be said that there is no change to the picture and that this pair remains totally range bounce. However there are interesting levels nearby and it is highly likely that we will get some action today or tomorrow.
There are no high-impact data releases scheduled for later today concerning the JPY. Regarding the USD, at 1:30pm London time there will be releases of U.S. Unemployment Claims and Trade Balance data. This pair is likely to be more active during the New York session than the earlier London session.