USD/JPY Signal Update
Yesterday’s signals were not triggered as the price never reached any of the key levels.
Today’s USD/JPY Signals
Risk 0.50%
Trades may only be made between 8am New York time and 5pm Tokyo time only.
Long Trade 1
* 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.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 121.42.
* 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
The bullish USD continues to drive the price up here. Now there should be a pause until we get the US CPI data later. If the data is weak, we could top out here and see the price fall down to the 122.00 area where it should find support.
There is medium-term resistance above 123.77 which could prove problematic even if there is another long drive in the USD.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of CPI data at 1:30pm London time.