USD/JPY Signal Update
Last Wednesday’s signals expired without being triggered as the price never reached either 118.00 or 121.14.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 120.07
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.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next test of the bullish trend line currently sitting at around 118.60.
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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
Long entry following a bullish price action reversal 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.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
USD/JPY Analysis
This pair continues to trade within a fairly narrow range. However while things were looking bearish, a supportive trend line has now begun to form above 118.00, and the whole number below should also be supportive, so it is possible to look for long trades at these levels.
There is also a flipped resistance level just above the key psychological number of 120.00.
There are no high-impact events scheduled today concerning either the USD or the JPY.