USD/JPY Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/JPY Signals
Risk 0.50%
Trades may only be taken between 8am New York to 5pm Tokyo times today.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 123.14.
* Place 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 ride.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 122.70.
* Place 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 ride.
Long Trade 3
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 122.00.
* Place 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 ride.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 123.77.
* Place 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 ride.
Short Trade 2
* 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.
* 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 ride.
USD/JPY Analysis
Over the past 24 hours this pair has broken up past the resistance level at 123.24. This is a bullish sign and a short-term trend line now emerges in the chart below which has acted as mobile support over recent days.
Bias should be somewhat bullish and the next test is 123.77. There is new support below quite confluent with the supportive trend line at 123.14.
The USD announcements over the coming 30 hours or so might move this pair by a lot. It looks like fading a spike, especially a bearish one, could be a profitable strategy. However if the NFP number on Friday is extremely impressive, the USD should be powerful enough to keep going for a few hours at least.
There is nothing due today regarding the JPY. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm followed by ISM Non-Manufacturing PMI and testimony from the Chair of the Federal Reserve.