USD/JPY Signal Update
There are no outstanding signals.
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
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 123.00.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 125.00.
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
This pair is a bit stuck really, albeit maintaining its long-term bullish bias. There was recently a meaningful upwards move, but the price could not break the psychologically key 125.00 level. The best action will probably be elsewhere for a while, but if you are trading this pair the best strategy would probably be to wait for reversals off either of the round numbers at 125.00 or 123.00.
There may be local resistance at 124.50 that might provide a good scalping opportunity or two.
There is nothing due today regarding the JPY. Concerning the USD, FOMC Member Lockheart will be speaking at 5:25pm London time.