USD/JPY Signal Update
Yesterday’s signals were not triggered as neither of the key levels were reached.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 113.00.
* 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
* Go short following a bearish 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 2
* Go short following a bearish 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.
USD/JPY Analysis
I see now the support at 113.00 becoming stronger so this has been included in the chart below. There is an area of important resistance close to 116.00 above. Between these levels it looks likely that action will be choppy. The FOMC release due later today might have a big impact on this pair. As the JPY is pretty strong right now, if the release is more dovish than expected we could see a meaningful move down by this pair.
There is nothing due today concerning the JPY. Regarding the USD, there will be releases of PPI and Building Permits data at 1:30pm London time, followed later by the FOMC Meeting Minutes release at 7pm.