By: DailyForex.com
USD/JPY Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s USD/JPY Signals
Risk 0.50%
Trades may only be entered from 8am New York time until 5pm Tokyo time today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 120.50 and 120.27.
* 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 121.75.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 122.11 and 122.22.
* 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 not moving much at d is offering few opportunities. Both of these currencies are relatively strong and for months now this pair has not really moved much. Short-term range trading is probably the best way to go here, perhaps with a bearish bias as the JPY seems stronger than the USD over the past several months.
Having said that, the supportive area below does look attractive.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm London time.