USD/JPY Signal Update
Last Thursday’s signals expired without being triggered.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be entered between 8am New York and 5pm Tokyo times today only.
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 123.24.
* 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.
Short Trade 2
* 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 was expecting and hoping for a touch of 122.00 but the price never quite made it that far before turning around. We have now exceeded 123.00 and happily there seems to be a new resistance level at about 123.25 that should be a good place to catch a bearish reversal, if it happens.
The outlook for this pair is weakly bullish but there is much better action going on elsewhere at the moment, and that has been true for quite a while now.
There is nothing due today regarding the JPY or the USD.