USD/JPY Signal Update
Last Thursday’s signals expired without being triggered as there was no bearish price action at 122.00 that day.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be entered only between 8am New York time 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 touch of 120.50.
* 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.
Long Trade 2
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 120.28.
* 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 120.02.
* 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 121.25.
* 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 122.00.
* 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 3
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 122.25.
* 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
The price has begun finding support over the past few days, following its sharp fall. It should be noted that this area around 120 to 121 was previously a great place to get long and there are several natural levels of great support in this zone. Taking that into consideration, it looks as if this could be a good opportunity to get long if the Federal Reserve will raise its interest rate tomorrow, as the market expects.
It looks likely that a clean break above 121.25 will see a continued move up to the region of 122.25.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of CPI data at 1:30pm London time.