USD/JPY Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be entered 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 123.00.
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.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 122.00.
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 123.77.
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
Although the overall outlook for the USD is quite positive, and especially so within this pair, we have experienced a fairly natural pull back which found support at the nearest round number of 123.00 before rising again. However since London opened, the price has been falling again. If we reach 123.00 and break down through it, that would be a bearish sign. Otherwise another attempt up from 123.00 would be logical, however we might not get the impetus for this to happen any time very soon.
There is nothing due today regarding either the JPY or the USD.