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 and 5pm New York time only, or after 8am Tokyo time later.
Long Trade 1
• Go long following a bullish price action reversal on the H1 time frame immediately upon the first test of 119.44.
• Put the stop loss 1 pip below the local swing low.
• Adjust 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 run. Take further profit at 120.00.
Long Trade 2
• Go long following a bullish price action reversal on the H1 time frame immediately upon the first test of 119.15.
• Put the stop loss 1 pip below the local swing low.
• Adjust 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 run. Take further profit at 120.00.
Short Trade 1
• Short entry following a bearish price action reversal on the H1 time frame immediately upon the first test of 120.60.
• 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.
• Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run. Take further profit at 119.80.
Short Trade 2
• Short entry following a bearish price action reversal on the H1 time frame immediately upon the first test of 121.14.
• 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.
• Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run. Take further profit at 120.60.
USD/JPY Analysis
I wrote yesterday about the trend line that might now hold and provide support but was unreliable pending the FOMC release. This trend line has indeed held and given some kind of bullish launch, but overall the impact of the FOMC release has been minor over the short term. The key levels mentioned yesterday continue to apply.
There are no high-impact events scheduled later today concerning the JPY. Regarding the USD, at 1:30pm London time there will be a release of US Unemployment Claims data.