USD/JPY Signal Update
Yesterday’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 121.80.
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
Again, there is no change, and this pair remains waterlogged. We have been stuck in this range for quite a long time but that is nothing unusual for this pair. It should mean that the breakout when it finally does come will be strong.
One way to trade in the meantime might be to buy below 119 and sell above 121.
There are no high-impact releases due today concerning either the JPY or the USD.