USD/JPY Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/JPY Signal
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, and then after 8am Tokyo time later.
Long Trade 1
• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at around 118.72.
• 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 ride.
Long Trade 2
• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch 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 ride.
Short Trade 1
• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at around 120.24.
• 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 ride.
Short Trade 2
• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 120.92.
• 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 ride.
USD/JPY Analysis
As usual, nothing really changes with this pair. As the USD strengthened yesterday the price rose and tested the very round 120.00 from which it now seems to be falling. In any case, we remain well within the triangle trend lines, so there is no substantial change. There is data due later for both sides of this pair so these events might move the price to one (or even both) of the trend lines shown in the chart below.
There are high-impact news releases scheduled today concerning both the USD and the JPY. Regarding the USD, there will be a release of U.S. Building Permits data at 1:30pm London time. Later at 00:50am there will be a release of Preliminary Japanese GDP data.