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 until 5pm Tokyo times 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 122.70 and 122.50.
* 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 entry into the zone from 123.60 to 123.77.
* 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
There is not very much to say about this pair. The chart below shows that the price has been ranging within a band of only about 130 pips during the last four weeks or so. Although the overall bias is slightly bullish, there is a lot of overhead resistance and it seems it is probably going to take some more time before that might give way. In the meantime, it is quite possible to trend the range, and to try to hold on to longs in case the range finally breaks to the upside.
There is nothing due today regarding either the JPY or the USD.