USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no substantial bearish price action at 122.71.
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 121.77.
• 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 121.47.
• 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
• Go short following a bearish price action reversal on the H4 time frame immediately upon the next touch of 123.64.
• 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
This pair was at the heart of the market yesterday and it was not surprising that we had a very strong upwards move which broke above the trend line and made new multi-year highs.
Right at the moment of writing, it appears that the price may in fact be re-basing off the broken trend line as support and preparing for another drive up, but that is fairly speculative until we see a more significant pull back. There is a multi-year monthly high at 123.64 that may act as resistance, but this is not well established. This pair is best placed to benefit from any continuing USD strength.
There will be G7 Meetings all day.