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
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 121.80.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
For yet another day, this pair remains stuck in its range of several weeks. We might finally get some movement later today with the release of the FOMC Meeting Minutes. Unless there are any really major surprises, the most probable effect will simply be a spike out of the range which can be faded.
There are no high-impact releases due today concerning the JPY. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by the FOMC Meeting Minutes at 7pm.