USD/JPY Signal Update
Last Thursday’s signals were not triggered as although the price reached 119.25 the first bearish reversal happened above that price.
Today’s USD/JPY Signal
Risk 0.75%
Trades may only be taken between 8am London time and 5pm New York time only, or after 8am Tokyo time later.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 118.00.
Place 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
Go short following a bearish price action reversal on the H1 time frame immediately upon the first retest of the bearish trend line currently located at around 120.55.
Place 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
This pair was falling very steeply as the USD retreated and the JPY continued to recover. However with the recovery of the USD at the end of last week the price broke up above 119.25 and seems to be moving upwards right now. There are no particular obstacles in the way before the bearish trend line which is quite a long way above.
Below there is support at around 118.00. The low at 118.30 which is near to several daily highs and lows of recent months was supportive at the end of last week.
There are no high-impact events scheduled today concerning either the JPY or the USD.