USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bearish reversal at the first touch of 124.40.
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
Go long following a bullish price action reversal on the H4 time frame immediately upon the next touch of 123.30.
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.
Short Trade 1
Go short following a bearish price action reversal on the H4 time frame immediately upon the next touch of 125.50.
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 run.
USD/JPY Analysis
This pair has really just been consolidating all week, as it awaits the big USD news that is finally coming soon. It seems the next move is going to be driven by the USD rather than the JPY which remains one of the weakest currencies across the board for fundamental reasons.
The anticipated resistance at 124.50 has been messed around too much. The picture at least is becoming clearer as the supportive trend line is getting confluent with the horizontal level at 124.30. Above, there is key resistance overhead at 125.50.
There are no high-impact events scheduled today for the JPY. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.