USD/JPY Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be entered only between 8am New York and 5pm Tokyo times today.
Long Trade 1
• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 122.70 and 122.50.
• 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 entry into the zone from 123.60 to 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
Over the past day or so the price has recovered to again approach the zone of resistance.
While the outlook is somewhat bullish, a nice feature about this pair is that it looks capable of producing profitable trades in both directions.
A sustained break above 123.77 would be a strong indication that this situation has changed, although the real hurdle is the key round number at 125.00.
There is nothing due today regarding either the JPY or the USD.