USD/JPY Signal Update
Yesterday’s signal was not triggered as the price never reached 118.86.
Today’s USD/JPY Signal
Trades may only be taken between 8am London time and 5pm New York time only, or after 8am Tokyo time later.
Long Trade 1
Go long following some bullish price action on the H1 time frame immediately upon the first test of the inner bullish trend line currently sitting at around 118.93.
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.
This pair did little yesterday, but should be more active today with some USD news coming up for release during the New York session later.
The technical picture is completely unchanged and the pair remains within a long-term consolidation, although there have been some bullish signs over recent days.
The bearish trend line above remains valid but somewhat ambiguous so I am not looking for shorts up there.
The inner bullish trend line below is now becoming confluent with the whole number of 119.00 and is a logical place at which to seek a long reversal.
There are no high-impact events scheduled for the JPY today. Regarding the USD, the ADP Non-Farm Employment Change will be released at 1:15pm London time, followed later by ISM Non-Manufacturing PMI data at 3pm.