By: DailyForex.com
USD/JPY Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/JPY Signals
Risk 0.50%
Trades may only be made from 8am New York until 5pm Tokyo times today.
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
This pair is still going nowhere and is mostly best avoided by traders. However it is looking increasingly likely that the price is going to fall and finally hit the probable support at 122.00 which could be a good long set-up if there is a bullish reversal if and when it happens. The area at 122.20 may also still be supportive.
There is nothing due today regarding the JPY or the USD. It is a public holiday today in the U.S.A.