Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

USD/JPY Signal- Jan. 28, 2014

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

USD/JPY Signal Update

Yesterday’s signals were not triggered and expired.

Today’s USD/JPY Signal

Long Trade 1

Enter long if a pin or engulfing bar is formed on the hourly chart when the price first reaches 101.63, on the break of the bar by 1 pip on the next bar. If a bar closes below 101.60, the trade is invalidated.

Stop loss at the local swing low.

Move the stop loss to break even when the trade is 25 pips in profit. Take 50% of the position as profit at 102.70 and leave the remainder of the position to run to 103.75.

Risk 0.50% and the trade may be taken until 8am London time tomorrow.

Short Trade 1

Enter short if a pin or engulfing bar is formed on the hourly chart when the price first reaches 103.75, on the break of the bar by 1 pip on the next bar. If a bar closes above 103.75, the trade is invalidated.

Stop loss at the local swing high.

Move the stop loss to break even when the trade is 25 pips in profit. Take 50% of the position as profit at 103.05 and leave the remainder of the position to run.

Risk 0.50% and the trade may be taken until 8am London time tomorrow.

USD/JPY Analysis

This pair did little yesterday and the essential technical picture is unchanged. The likely support at 101.63 is still quite confluent with the remaining long-term bullish trend line, as well as the GMT daily S2 pivot point, so it should prove to be supportive if reached. Above us is likely support turned to resistance at around 103.75. We are about 100 pips from both of these levels so it might well be that neither level is reached today:

USDJPY Signal 12814

There is no important news due today for the JPY but there is for the USD at 1:30pm London time (Core Durable Goods Orders) and at 3pm (CB Consumer Confidence).

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

Most Visited Forex Broker Reviews