USD/JPY Signal Update
Yesterday’s signals were not triggered as neither of the key levels were ever reached.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 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 112.87.
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 114.86.
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
Broadly, this pair has moved out of the spotlight this week, and as such it has begun a consolidation between 113.00 and 115.00. However, the swings are still large and there is a lot of volatility, so it would not be surprising if the price moved still higher with some momentum. We are also seeing a series of higher lows to date this week, as can be seen in the 1 hour chart below. So, I would not be too firm on expecting a flat consolidation.
There is nothing due today regarding either the JPY or the USD.