USD/JPY Signal Update
Last Thursday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be made from 8am New York time until 5pm Tokyo time today only.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 114.50
* 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 1
* Go long following a bearish price action reversal on the H1 time frame immediately upon the next touch of 112.00.
* 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
This pair is stuck in a zone of consolidation, although the swings are still clear and therefore quite tradable. The market is awaiting the Bank of Japan’s monthly policy statement during the forthcoming Asian session and that is likely to provide considerable volatility, but probably this pair is going to be quite flat in the meantime.
There is nothing due today concerning the USD. Regarding the JPY, there will be a release of the Bank of Japan’s Monetary Policy Statement late in the Tokyo session.