USD/JPY Signal Update
Yesterday’s signals were not triggered and expired.
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.
Risk must be taken off any open trades by 6pm London time that are taken before 7pm London time.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 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 H1 time frame immediately upon the next touch of 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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 124.04.
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
For yet another day there has been little change and nothing of real significance happening with this pair. Overall there is a slight pro-USD bias. We are not too far from the 124.00 level that should act as resistance before the FOMC release at least so that could provide a shorting opportunity.
There are no high-impact events scheduled today for the JPY. Regarding the USD, there will be releases of the FOMC Statement, Economic Projections, the Federal Funds Rate and a Press Conference commencing at 7pm London time.