USD/JPY Signal Update
Last Thursday’s signals produced a long trade from the bullish reversal off the support at 120.28 which unfortunately was a loser.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be entered between 8am New York time and 5pm Tokyo time.
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 120.02 and 120.25.
* 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 119.65.
* 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.
USD/JPY Analysis
I had thought that as we begun to reach 120.50 and started to fall even lower than that, that there would be a good opportunity to get long at some point soon, as there has been so much crucial long-term support close to this key psychological number of 120.00. This moment seems to have arrived already as soon as this week opens, as we are seeing a move up with some strength. This might well fade away as Tokyo closes because London is not going to open today. However when New York comes online, it is quite likely to take off again.
The first test for any bullish move will be whether it can break up past the first minor resistance which will probably be hit between 120.80 and 121.00.
There is nothing due today concerning the JPY or the USD.