USD/JPY Signal Update
Yesterday’s signals expired without being triggered, as although the price did reach 119.94 there was no bearish price action upon the first touch of that level.
Today’s USD/JPY Signal
Risk 0.75%
Trades may only be taken between 8am London time and 5pm New York time only, or after 8am Tokyo time later.
Long Trade 1
Long entry following some bullish price action on the H1 time frame immediately upon the first retest of 119.20.
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.
Long Trade 2
Long entry following some bullish price action on the H1 time frame immediately upon the first retest of the broken trend line which is currently sitting at about 118.95.
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.
USD/JPY Analysis
My recent forecasts of an upwards move by this pair have been bearing fruit, as we finally broke up above the long-term consolidating triangle that the price has been consolidating within over the past several weeks. The key psychological resistance at 120.00 was broken quite easily yesterday, and so far the price has remained above it. That level is really too close to be used as good support today, but it might well prove to hold. A pull back below that down to the new support at 119.20 and/or the broken trend line a short way below it should provide a great opportunity for a long entry.
There are no high-impact data released scheduled for the JPY today. Regarding the USD, at 1:30pm London time there will releases of U.S. data concerning Retail Sales and Unemployment Claims.