USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 109.89.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken 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 110.74.
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 Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at 109.80, 109.89 or 109.57.
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
The FOMC release caused a bullish breakout up above the channel and also above the psychologically key 110.00 area. Although the price has fallen off, at the time of writing it still remains above 110.00.
It looks as if there are going to be opportunities to go long, as there is an untested trend line as well as a few levels close by, all of which will be prone to providing support.
There are no key resistance levels until 110.74 and we in relatively blue sky, as the price has just made a multi-week high.
There are no high-impact events due today concerning the JPY. Regarding the USD, there will be a release of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time.