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USD/JPY Forex Signal - 23 December 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 expired without being triggered as the price did not hit either of the key levels.

Today’s USD/JPY Signal

  • Risk 0.75%

  • Trades may be entered only before 5pm London time time.

 

Long Trade 1

  • Go long following bullish price action on the H1 time frame immediately after the price first reaches 117.75.

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

  • Adjust the stop loss to break even once 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 run.

 

Short Trade 1

  • Go short following bearish price action on the H1 time frame immediately after the price first reaches 120.19.

  • Put the stop loss 1 pip above the local swing high.

  • Adjust the stop loss to break even once 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 run

USD/JPY Analysis

The USD had a little bullish run up starting at around the New York open yesterday, and it was most strongly expressed in this pair. The chart below shows a thin and very bullish pennant. The price is now very close to the 120.19 which I have been expecting to act as resistance, so a bearish bounce off this price on the H1 chart could be a good short trade if it happens quite soon. It is difficult to know where to take profit, so a conservative day trade would probably be the best option here.

USDJPY 122314

There are no high-impact data releases scheduled today directly concerning the JPY and it is a public holiday in Japan. Regarding the USD, at 1:30pm London time there will be releases of Core Durable Goods Orders and Final GDP data, followed by New Home Sales data at 3pm.

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.

 

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