USD/JPY Signal Update
Yesterday’s signals expired without being triggered as the price never reached either 123.20 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.
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
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.
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
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
We saw some strengthening in the USD yesterday that nudged the high this morning just beyond yesterday’s high. The key levels remain the same and in the light of both the environment and specific price action on this pair, it would be natural for the price to reach 123.20 before it breaks below the low of this week.
There are no high-impact events scheduled today concerning the JPY. Concerning the USD, there will be ADP Non-Farm Employment Change data at 1:15pm London time followed later by ISM Manufacturing PMI data at 3pm.