USD/JPY Signal Update
Last Thursday’s signals expired without being triggered.
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.
Short Trade 1
Go short following some bearish price action on the H1 time frame immediately upon the first test of the long-term bearish trend line currently sitting at around 120.20.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
Go long 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 117.55 and/or the level at 118.00 itself.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 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
As the focus was mostly on the Euro at the end of last week, this pair did little, although it has been continuing to move up from a supportive area. There is local resistance not far above the current price as at the time of writing at around 119.50, and the support below remains at 118.00.
There are no high-impact events scheduled for either the USD or the JPY today. It is likely to be a quiet day for this pair.