USD/JPY Signal Update
Yesterday’s signals were not triggered as the price was just above 120.87 at the New York open.
Today’s USD/JPY Signals
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 H4 time frame immediately upon the next touch of the 120.71.
• 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 H4 time frame immediately upon the next touch of the 120.49.
• 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 3
• Long entry following a bullish price action reversal on the H4 time frame immediately upon the next touch of the broken bearish trend line currently sitting at around 120.20.
• 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 H4 time frame immediately upon the next touch of 121.84.
• 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.
USD/JPY Analysis
The upwards move continued yesterday, peaking not long after the FOMC release at about 121.50. From there the price has fallen back. However the overall picture still looks bullish, with new potential support levels being printed below and the wiping out of the previous resistant zone at around 121.00.
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. Unemployment Claims data at 1:30pm London time, followed by the Philly Fed Manufacturing Index at 3pm. Concerning the JPY, the Bank of Japan will be releasing its Monetary Policy Statement and giving a press conference shortly before the London Open.