USD/JPY Signal Update
Yesterday’s signals were not 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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 118.00.
Place 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 121.22.
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 wrote yesterday that the level of 120.00 may hold as resistance today, giving a few scalping opportunities perhaps. This turned out well but we need to wait a little longer in order to establish whether this is truly going to become a major resistance level. There is a sentiment that it is a level the Bank of Japan wants to see this pair below.
We are quite far from any other easily identifiable levels so there does not seem to be any further opportunity here with this pair today.
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.