USD/JPY Signal Update
Yesterday’s signals expired without being triggered, although at the time of writing there are signs that there is a bearish reversal occurring at the 125.00 resistance level during the first hour of the London session.
Today’s USD/JPY Signals
Risk 0.50%
Trades may only be taken between 8am and 5pm New York time only, and then after 8am Tokyo time later.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 123.00.
Place the stop loss 1 pip below the local swing low.
Move 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 run.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 125.00.
Place the stop loss 1 pip above the local swing high.
Move 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 run.
USD/JPY Analysis
This pair has been grinding upwards ever since the trading week opened, but seems to be suffering a serious reverse at 125.00, although it is possible a little too early in the trading day to be very confident of this reversal. Nevertheless, the 125.00 is really key resistance and it might hold, but it would not surprise me if the New York session later saw another attempt at that high and possibly a false breakout by a few pips before the real reversal occurs. This pair does tend to trade better during the New York and Tokyo sessions than during the early London session.
There is nothing due today regarding either the JPY or the USD.