USD/JPY Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be made between 8am New York time and 5pm Tokyo time only.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of the broken trend line currently sitting at around 113.55.
* 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.
Long Trade 1
* Long entry following extremely bullish price action reversal on the H1 time frame immediately upon the next touch of 112.17.
* 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.
USD/JPY Analysis
Following an initial dip back down towards but short of the support level I had identified at 112.17, this pair resumed its upwards move, which includes a high price so far right on the round number at 113.00. This may hold for a while, and the U.S. economic data due shortly after New York opens may push the price in any direction. However technically, it looks as if the price is going to go higher still.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims data at 12:30pm London time.