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 119.04.
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.
Place 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
I forecast yesterday that a move downwards was more likely over the short-term than a move up and this is what has taken place over the last 24 hours. We are now approaching the anticipated support which is likely to begin just above 119.00. I think we will be there at some point early in the New York session, which will be an excellent time to watch out for a bullish reversal. As this pair seems to be stuck in a range, it could be a great place to get long for 200 pips or so of potential profit.
If we break below 119.00, there could be support coming in just about anywhere down to 118.00. The levels of 118.75 and 118.50 might be especially significant.
There are no high-impact releases due today concerning the JPY. Regarding the USD, there will be releases of Retail Sales and PPI data at 1:30pm London time.