USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bullish price action when the price reached 113.54.
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 Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 113.15 and 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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 113.90 or 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
The pair is still within a broad consolidation after its stunning upwards movement over recent weeks, and although the consolidation was beginning to look bullish it is now threatening to breach its floor near 113.00 with short-term bearish momentum.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time.