USD/JPY Signal Update
Yesterday’s signals expired without being triggered as there was no follow-through on the bearish price action at 123.20.
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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 121.77.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 2
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 121.47.
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.
Take off 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 next touch of 124.25.
Put 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.
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
Yesterday’s forecast worked well. The general direction was up, as expected. The level at 123.20 was resistant when first hit, but could not halt the advancing USD which is now strong across the board. However there has been some strength left in the JPY, so it has not gone up as much as other pairs such as USDCHF and USDCAD have over the past day or so.
The NFP will be key for the next development.
The level at 123.20 may now act as support but it is too recent and close to be of use in this forecast.
There are no high-impact events scheduled today concerning the JPY. Regarding the USD, there will be Non-Farm Employment Change and Unemployment Change data at 1:30pm London time, one day earlier than usual.