USD/JPY Signal Update
There is no outstanding signal.
Today’s USD/JPY Signal
Risk 0.75%
Trades may only be entered between 8am London time and 5pm New York time; and then from 8am Tokyo time.
Long Trade 1
Long entry following bullish price action on the H1 time frame immediately following the next touch of 114.00.
Place 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.
USD/JPY Analysis
I wrote yesterday that the key yardstick was whether we were able to stay above the 115.50 level during the London session. This was in fact the case, which was a bullish sign, although the price has fallen back overnight to a low of 115.01, at which it found some support. In these bullish conditions every round number is acting as support, and 115.00 was no exception. If it is tested again quickly I am not sure it will hold. That could give us an opportunity to get in at the next support below, the level at 114.00, which would be likely to be more reliable as it is a more spaced out flipped level.
There are no high-impact news releases scheduled today that are likely to affect either the JPY or the USD. Today the U.S.A. returns from yesterday’s public holiday, so it might be that volatility picks up to some extent today.