USD/JPY Signal Update
Yesterday’s signals were not triggered as none of the key levels were ever reached.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken from 8am New York time to 5pm Tokyo time, during the next 24-hour period only.
Protect any trades opened before 7pm London time.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 114.77 or 114.29.
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.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 116.00 and 116.28.
Put 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
We have had a consolidation just above the nearest support level of 114.77 which has not yet actually been reached again. This is not surprising as there is big USD news due later. This pair has been in a strong, long-term bullish trend, and if the news releases tonight boost the USD we can expect the trend to take off again, although the resistance around 116.00 is quite strong. A break up above 116.28 that is sustained would be a very bullish sign.
There is nothing due today regarding the JPY. Concerning the USD, there will be releases of Retail Sales and PPI data at 1:30pm London time, followed later by Crude Oil Inventories at 3:30pm. Finally, we will get the FOMC Statement, Economic Projections and Federal Funds Rate at 7pm.