USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 117.80.
Today’s USD/JPY Signals
Risk 0.75%.
Trades must be taken from 8am New York time to 5pm Tokyo time, during the next 24-hour period only.
Protect any open trade at 6:30pm London time.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 117.19 or 116.00.
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 ride.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 118.77 or 119.12.
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 ride.
USD/JPY Analysis
There are good reasons to be bullish, e.g. major lows are holding and the pair has seen a massive rise over recent weeks. However, it is starting to look as though the price just can’t really stay above the 118.50 area. On the other hand, much of this recent consolidation has been over a slow holiday period, and there is a major U.S. data release this evening. Overall, the odds on the trend undergoing a significant reversal soon are increasing.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of FOMC Meeting Minutes at 7pm London time.