USD/JPY Signal Update
Yesterday’s signals were not triggered as there was an hourly close above 119.60.
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.
Short Trade 1
• Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 121.14
• Put the stop loss 1 pip above the local swing high.
• 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 ride.
Long Trade 1
• Go long following a bullish price action reversal on the H1 time frame immediately upon the first test of 118.00.
• 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 ride.
USD/JPY Analysis
The potential resistance I identified yesterday at around 119.60 / 119.70 has held but not very steadily. The trend line has been removed from my chart as it has been messed around too much to still be valid. It may be now that this resistance holds and the JPY recovers against the USD. The odds would certainly favour a short rather than a long trade if entered blindly right now. However, unfortunately I do not see any safe levels for entry anywhere close to the current price.
There are no high-impact events scheduled today concerning either the USD or the JPY.