USD/JPY Signal Update
Yesterday’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
- Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 121.77.
- 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.
- 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
- Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 121.47.
- 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.
- 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
- Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line which is currently sitting at around 123.40.
- 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.
- 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
- Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 123.74.
- 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.
- 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 current environment regarding Greece has created something of a flight to safety or at least a mild to moderate “risk off” sentiment, which leads to a strengthening of the USD, but also a strengthening of the JPY. For this reason, this pair is not really going anywhere at present.
Note we have a bearish trend line above that is quite well established with 2 strong rejections. This could give an opportunity for a short entry.
At 1:30pm London time there will be a release of U.S. Trade Balance data. There is nothing due today regarding the JPY.