USD/JPY Signal Update
Yesterday’s signals produced a losing short trade off 120.31 that just missed the 20 pip target.
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 118.00.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 30 pips in profit.
Remove 50% of the position as profit when the trade is 30 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 121.80.
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 USD recovered more strength yesterday, and although the JPY has been relatively one of the strongest currencies, this pair was no exception to that move.
There is still resistance at 120.31 which has been touched twice but may yet hold.
There is nothing concerning the JPY due today. Regarding the USD, there will be a release of Preliminary GDP and Unemployment Claims data at 1:30pm London time.