USD/JPY Signal Update
Yesterday’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.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 119.48.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the first retest of the bearish trend line currently located at around 120.46.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
Yesterday was bullish for the U.S. Dollar so this pair continued to rise, although it has not quite reached the bearish trend line I identified which should provide some amount of resistance.
Below, we should get some support from a previously resistant inflection that is confluent with a half-number at 119.50.
Otherwise there are no significant technical changes from yesterday.
There are no high-impact events scheduled today concerning the JPY. Regarding the USD, at 3pm London time there will be U.S. CB Consumer Confidence data.