USD/JPY Signal Update
Last Thursday’s signals were not triggered and expired.
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.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 121.22.
Put 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
During the second half of last week, it looked as if we might finally be getting a breakout of the long-term range that this currency pair has held within for almost two months now. However, the price reversed quite bullishly just a few pips before reaching the anticipated support at 118.00, and is now well back within its range. This move briefly created potential resistance at 119.00 but that has been wiped away so we are back with our original range.
It might be that the price moves down from here if it is not able to break up past 119.50 soon, which might be becoming established as minor resistance.
There are no high-impact releases due today concerning either the JPY or the USD.