USD/JPY Signal Update
Yesterday’s signal was not triggered.
Today’s USD/JPY Signal
Risk 0.50%
Entry should be made before 8am tomorrow morning London time only.
Enter long at the next bar break of an hourly pin, strong engulfing or outside bar rejecting and closing above the support level of 102.82. If this level is not touched and rejected by the same hourly bar, or if an hourly bar closes below this level, the trade is immediately invalidated and should not be taken.
Stop loss at the local swing low or 102.65, depending upon how close the entry is to 102.82. If the entry is very close, then the lower of the two should definitely be used.
Take profit on 75% of the position at 103.12 and move the stop to break even. Take the remainder of the position as profit when the price is 10 pips away from the next trend line above.
USD/JPY Analysis
There is no important news expected regarding either the USD or JPY before 8am tomorrow London time. Therefore it is probable that the next twenty-four hours are going to be fairly quiet with relatively little price movement.
The pair is continuing its move up, and this morning just about made a new multi-month high.
The bullish channel is easily holding, although the channel is wide, there are long-term bullish trend lines.
The pair may find it difficult to break above 103.37 but there is no reason at all to call the uptrend into question yet.
There is minor support at the daily pivot around 103.15.
