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
Go long 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 118.69.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 119.31.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 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 H1 time frame immediately upon the next reversal off the bearish trend line currently sitting at around 120.33.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 120.92 and 121.14.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 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
I wrote yesterday that the day’s high might well have been made before the London Open, and so it proved to be the case. Overall there is little change with this pair, as it continues to range gently within this familiar gently narrowing triangle. Current action looks bearish and a move down to at least 119.60 looks most likely right now.
There will be a release of U.S. Retail Sales data at 1:30pm London time today.