USD/JPY Signal Update
Yesterday’s signals expired without being triggered as the price never reached either the bullish trend line or 120.07.
Today’s USD/JPY Signal
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, and then from 8am Tokyo time until 5pm Tokyo time.
Protect any open trade by 6:30pm London time today.
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 118.63.
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
Despite the USD bullishness yesterday, this pair barely moved. It remains waterlogged and just isn’t providing any good opportunities, although that may change with the FOMC news release after London closes later today and then the Bank of Japan’s statement some hours later. It is likely to be very quiet in advance of these releases but the next 24 hours should probably give some direction and will certainly increase volatility.
There are high-impact events scheduled today concerning both the USD and the JPY. There will be a release of Advance GDP data at 1:30pm London time, followed later at 7pm by the very important FOMC Statement and Federal Funds Rate announcement. Shortly before London opens tomorrow, the Bank of Japan will give their monthly Monetary Policy Statement and Press Conference.