USD/JPY Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/JPY Signals
Risk 0.50%
Trades may only be taken from 8am New York time until 5pm Tokyo time.
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 120.02 and 120.25.
* 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 119.65.
* 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 121.75.
* 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
There has been no real movement or change lately, with this pair just ranging above the support. It is a very similar situation to the USD/CHF pair. In both cases, the longer we are supported here but remain within this fairly tight range, the more explosive the eventual upwards move is going to be. It looks like 120.00 is a very pivotal area and it is certainly a strong psychological level. Alternatively, a break below 119.65 would be a significantly bearish sign.
There is nothing due today concerning the JPY, it is also a public holiday in Japan. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.