USD/JPY Signal Update
Yesterday’s signals expired without being triggered as there was no bearish price action at 123.71.
Today’s USD/JPY Signals
Risk 0.50%
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 123.71.
- 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.
- 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.
Long Trade 2
- Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 122.95.
- 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.
- 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 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.
- 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
With the renewed strength in the USD emanating from yesterday’s New York session, this pair was able to cleanly break the anticipated resistance at 123.71 and this has now been neatly flipped to seemingly good support. This is a bullish sign and the relative strength of the JPY seems to have become a thing of the past.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time followed by the Fed Chair’s testimony before Congress and the Philly Fed Manufacturing Index at 3pm.