USD/JPY Signal Update
Yesterday’s signal was not triggered and expired.
Today’s USD/JPY Signal
Risk 0.75%
Entries may only be taken today until 5pm New York time and then after 8am Tokyo time until 8am London time tomorrow.
Long Trade
Go long following bullish price action on the H1 time frame following a first touch of the bullish trend line at about 108.68.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even when the trade is 25 pips in profit.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
Nothing much happened yesterday although as I wrote, this pair continues to look like the best pair of choice to benefit from any continuation of USD strength.
Yesterday we saw a bit of a pullback but certainly there was no bearish capitulation. At the moment of writing just after the London open, it looks like things could go either way.
I see the same possibilities for entry as there were yesterday: primarily off the short-term bullish trend line shown in the chart below at around 108.68. There are no obvious flipped levels before the 107.50 area which might also be a key level if there were to be a deeper pullback.
Above us the natural psychological resistance would be at 110.00.
There are no high-impact data releases scheduled for today regarding the JPY, but there is something that may affect the USD. At 3pm London time there will be a release of U.S. CB Consumer Confidence data.