USD/JPY Signal Update
Yesterday’s signals expired without being triggered.
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 the bullish trend line currently sitting at around 119.50.
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 121.80.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.
USD/JPY Analysis
This pair is hardly moving. Not only is it in a long-term consolidation, it is also in a short-term narrowing too. However the supportive trend line does continue to hold, so there is a reason to maintain a slight bullish bias.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by ISM Manufacturing PMI at 3pm.