USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 112.59.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 111.33.
* 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.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 112.72.
* Place the stop loss 1 pip above the local swing high.
* 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
This pair has been the strongest mover of the last few weeks by a long way, and it seems to be getting bullish again after making a double bottom near the key support level at 111.33 below.
The resistance at 112.72 is proving to be strong, and if that is not broken, we may consolidate within this area for a while.
If the resistance is broken soon, that will be a very bullish sign.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Preliminary GDP data at 1:30pm London time, followed later by CB Consumer Confidence at 3pm.