USD/JPY Signal Update
Last Thursday’s signals expired without being triggered as none of the key levels were reached.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be taken only between 8am New York time and 5pm 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 122.00.
* 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.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 121.42.
* 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 123.77.
* Put the stop loss 1 pip above the local swing high.
* 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.
USD/JPY Analysis
I had seen this pair as not one to use to try to exploit a rising USD and that seems to be the right call. This pair is slowly swinging higher but just cannot clear significant resistance at 123.77. Once that happens, things would begin to look much more bullish, but for the time being I don’t see anything special happening here, although the support at 122.00 and resistance at 123.77 look very attractive for range trading, if either is reached.
Regarding the JPY, there is nothing due today. Concerning the USD, there will be an announcement from the Federal Reserve on an unknown topic.