USD/JPY Signal Update
Last Thursday’s signals expired without being triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, and then after 8am Tokyo time later.
Long Trade 1
Long entry following a bullish price action reversal on the H4 time frame immediately upon the next touch of 125.00.
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 ride.
Long Trade 2
Long entry following a bullish price action reversal on the H4 time frame immediately upon the next touch of 124.66.
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 ride.
Short Trade 1
Short entry following a bearish price action reversal on the H4 time frame immediately upon the next touch of 125.67.
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 ride.
USD/JPY Analysis
This was a nice pair to be positioned long in before the NFP on Friday, but since the weekly open some of the USD gain has been given back. So far we are finding support at a logical level of 125.00 and there may be a move up from here now to 125.67 where there is resistance. A breakdown past 125.00 might take the price to 124.66, where it should find support again.
There are no high-impact events scheduled today for the USD or the JPY.