USD/JPY Signal Update
There is no outstanding signal for this pair.
Today’s USD/JPY Signals
Risk 0.75% per trade.
Any entry must be made between 8am and 10pm London time today, or later during the following Tokyo session.
Long Trade 1
Long entry following bullish price action off either of the broken bearish trend lines currently sitting at around 101.40 – 101.30.
Put a stop loss 1 pip below the local swing low.
Adjust the stop loss to break even when the price reaches 101.60.
Take off 75% of the position as profit at 101.90 and leave the remainder of the position to run.
Short Trade 1
Short entry after bearish price action on the H1 time frame following a first touch of 102.12.
Put a stop loss 1 pip above the local swing high.
Adjust the stop loss to break even when the price reaches 101.94.
Take off 50% of the position as profit at 101.94, or all of the risk off the trade if it is more than 50% of the position size, and leave the remainder of the position to run.
USD/JPY Analysis
This pair has continued to be very waterlogged. Over the past few days it has not really gone anywhere, neither reaching the broken trend lines below for a retest nor the major resistance at 103.00.
The only development of interest is that the 102.12 has become established as local flipping support and resistance. It can currently be presumed to be acting as resistance.
Caution is required in trading this pair at the moment, as it is really ranging and unwilling to break through anywhere. As we have no major events likely to happen over the next 24 hours, things seem quite likely to stay that way for the time being
There are no high-impact news events scheduled for today concerning either the JPY or the USD, so it might be a very quiet day for this pair.