USD/JPY Signal Update
Yesterday’s signals were not triggered and expired. The price did move up to reach and exceed 117.90 during yesterday's FOMC Announcement aftermath, but as there was no very bearish price action arund that level, the short signal published yesterday did not come into play.
Today’s USD/JPY Signal
Risk 0.75%
Trades may only be entered between 8am London time and 5pm New York time; and then after 8am Tokyo time.
Long Trade 1
Long entry following bullish price action on the H1 time frame immediately following the next touch of 117.00.
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
The strength and persistance of this upwards trend is just incredible and a real gift for trend traders who will be long this pair from quite a long distance away.
There are no high-impact news releases scheduled today likely to affect the JPY. Regarding the USD, there will be releases later, starting at 1:30pm with CPI and Unemployment Claims data, followed by the Philly Fed Manufacturing Index at 3pm.