USD/JPY Signal Update
Last Thursday’s signals expired without being triggered as the price never hit either 121.77 or 124.20.
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 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 124.20.
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
The price did little since my previous forecast last Thursday. It seems so far that the bottom close to 122.50 is holding and we are now threatening to move above the 123.00 level. This might produce another retest of 124.20 if it happens, but there is local resistance around 123.15 or thereabouts.
There are no high-impact events scheduled today for the JPY. Regarding the USD, there will be Existing Homes Sales data at 3pm London time.