USD/JPY Forex Signal For Sept. 30, 2014

USD/JPY Signal Update

Yesterday’s signal was not triggered and expired.

Today’s USD/JPY Signal

• Risk 0.75%

• Entries may only be taken today until 5pm New York time and then after 8am Tokyo time until 8am London time tomorrow.

Long Trade

• Go long following bullish price action on the H1 time frame following a first touch of the bullish trend line at about 108.68.

• Put the stop loss 1 pip below the local swing low.

• Move the stop loss to break even when the trade is 25 pips in profit.

• Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.

USD/JPY Analysis

Nothing much happened yesterday although as I wrote, this pair continues to look like the best pair of choice to benefit from any continuation of USD strength.

Yesterday we saw a bit of a pullback but certainly there was no bearish capitulation. At the moment of writing just after the London open, it looks like things could go either way.

I see the same possibilities for entry as there were yesterday: primarily off the short-term bullish trend line shown in the chart below at around 108.68. There are no obvious flipped levels before the 107.50 area which might also be a key level if there were to be a deeper pullback.

Above us the natural psychological resistance would be at 110.00.

There are no high-impact data releases scheduled for today regarding the JPY, but there is something that may affect the USD. At 3pm London time there will be a release of U.S. CB Consumer Confidence data.