USD/JPY Signal Update
Yesterday's signals expired without being triggered.
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
Go long following bullish price action on the H1 time frame immediately after the price first reaches 117.75.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.
Short Trade 1
Go short following bearish price action on the H1 time frame immediately after the price first reaches 121.00.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.
USD/JPY Analysis
I wrote yesterday morning that the London session was likely to see some kind of upwards move and I was correct. This pair has been quietly strengthening on the sidelines while the EUR stands in the spotlight. However the real test seems to be coming just above the current price at around 120.00. It is only when the price can properly break above this level that this pair can look fully bullish again.
There is a wide space between the key levels I have been highlighting all week, but unfortunately the price action has not provided any more key inflection levels at which to look for entries.
There are high-impact data releases scheduled today concerning the USD only. At 1:30pm London time there will be a release of the U.S. Unemployment Claims data.