USD/JPY Signal Update
Yesterday’s signals may have produced a long trade that would be about even now after having stalled at around 120.00.
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 the bullish trend line currently sitting at around 119.40.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 121.80.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
We bounced off the trend line yesterday that has proven to be supportive, so while this pair is certainly undergoing a long-term consolidation with a slightly bearish bias, the fact that the lows keep holding suggest that the next move is going to be upwards.
Another touch of the trend line below could provide another opportunity to get long, with the area around 121.00 being a natural conservative target.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time.