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 must be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 113.54 or 112.87.
Put the stop loss 1 pip below the local swing low.
Move 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 run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 114.86.
Put the stop loss 1 pip above the local swing high.
Move 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 run.
USD/JPY Analysis
The pair is still within a broad consolidation after its stunning upwards movement over recent weeks, but the consolidation is starting to look bullish as we have a subtle bullish Quasimodo pattern putting in a new supportive floor at 113.54. This narrows the consolidation zone over the short term from 113.54 to 114.86.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Crude Oil Inventories at 3:30pm London time.