USD/JPY Signal Update
Last Wednesday’s signals expired without being triggered as although the price did reach 119.54, there was no bullish price action at that level.
Today’s USD/JPY Signal
Risk 0.75%
Trades may be entered only before 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 after the price first reaches 117.75.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry following bearish price action on the H1 time frame immediately after the price first reaches 121.00.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 25 pips in profit.
Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
Despite the sharp and strong moves we have seen in some other pairs since the New Year, this pair seems to have run out of steam, gently narrowing its waves in a classic entry into consolidation pattern. However we are only about 60 pips from key resistance at 121.00 and if we get there soon it would be a good spot to look for a short trade. It may be though that this pair becomes dull for a while, providing few opportunities.
There are no high-impact data releases scheduled today concerning either the USD or the JPY.