USD/JPY Signal Update
Yesterday’s signals were not triggered as the price never reached either 124.25 or 121.77.
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 run.
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 run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 124.25.
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
Again, the price did begin to move up somewhat yesterday after the New York open, at which time this pair tends to become active. However it was not a strong or sustainable move and we are left within the choppy action that this pair has been providing for the past couple of weeks.
We are grinding up and approaching key resistance at 124.25. Note that yesterday we got to within a few pips of this level and there was a fall of about 40 pips or so. I therefore expect the .25 to be resistance if and when we reach it.
There are no high-impact events scheduled today for the JPY. Regarding the USD, there will be a release of Final GDP data at 1:30pm London time.