USD/JPY Signal Update
Yesterday’s signals produced a long trade from the bullish turn at the support level of 122.70. At the time of writing this trade would be early and still more or less at breakeven.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be entered before 5pm Tokyo time today only.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next entry into the zone between 122.70 and 122.50.
* 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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone from 123.60 to 123.77.
* Place 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 ride.
USD/JPY Analysis
The price continues to range within a fairly narrow band over the past few weeks, but happily for both traders of this range and for traders with a slightly bullish long-term bias, the price shows signs of turning at a low that was made earlier in the zone of anticipated support between 122.70 and 122.50. Even if this trade does not work out and the price heads lower later, it still could turn bullishly at 122.50 which actually would be more likely to be a very strong level.
There is nothing due today regarding either the JPY or the USD.