USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no sufficiently bullish price action at 104.81.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time during the next 24 hours.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 106.49, 106.72 or 107.48.
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.
Take off 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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 103.89 or 103.57.
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.
Take off 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
Unfortunately the spike up the price did get from the FOMC release was not enough to reach the key resistance levels which begin at 106.49. It appears that after the move down we may be putting a higher low in which would suggest the next move is another attempt at the 106.49 level. It is notable that the strong fall in the USD everywhere else was not replicated against the Yen enough to push the price down to 104.00 or lower.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.