USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no suitable price action at 116.66.
Today’s USD/JPY Signals
Risk 0.50%
Trades may be taken from 8am New York time until 5pm Tokyo time only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 116.09.
* 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 115.54.
* 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 118.36.
* 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 pair has a downwards trend established overall but it feels as if we may be about to enter a phase of consolidation, as we had some choppy action yesterday that has cleared out the major support and resistance levels between 118.36 or thereabouts and 116.09.
There is nothing high-impact due today concerning the JPY. Regarding the USD, there will be releases of Unemployment Claims data and the Philly Fed Manufacturing Index at 1:30pm London