USD/JPY Signal Update
Yesterday’s signal was not triggered as the price never reached 123.00.
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 123.77.
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 123.00.
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 entry into the zone from 125.00 to 125.26.
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
It turned out yesterday that the level at 123.77 which looked dubious was good as support, but the move against the USD which was fairly strong here, but not the strongest, was running out of steam anyway. The USD news later might push the price back to either that level or 125.00, and either could be good for a trade, unless the news is very strongly negative or positive beyond the market’s expectations.
There is nothing due today regarding the JPY. Concerning the USD, there will be releases of Retail Sales and Unemployment Claims data at 1:30pm London time