USD/JPY Signal Update
Last Thursday’s signals gave an excellent long trade off 120.49 which would now be almost 300 pips in profit. A good approach would be to raise the stop loss to just under today’s low price.
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
- Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 122.00.
- 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 ride.
Short Trade 1
- Short entry following a bearish price action reversal on the H1 time frame mmediately upon the next touch of 123.74.
- 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 ride.
USD/JPY Analysis
The pair roared ahead at the end of last week and has continued to rise sharply since this week’s open. Crucially, the price has broken above the bearish trend line and horizontal resistance confluence at 122.95, which is a very bullish sign as the price continues to stay up there.
There is nothing due today regarding the either the USD or the JPY.