USD/JPY Signal Update
Last Thursday’s signals expired without being triggered.
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 123.20.
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.
Short Trade 2
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
A knock-on effect of the Euro crisis made the price of this pair gap down below the new flipped support/resistance at 123.20 overnight. The price then held as resistance. It is there, but might not be very reliable for the rest of today as it would touched just a few hours ago.
Below we still have the strong support beginning below 122, which of course may have provided a boost already.
This pair is generally ranging so the levels marked on the chart can be expected to be more powerful than usual, but market turbulence may upset that as long as the Greek crisis persists.
There are no high-impact events scheduled today for either the JPY or the USD.