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USD/JPY Forex Signal - 5 January 2015

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

Last Wednesday’s signals expired without being triggered as although the price did reach 119.54, there was no bullish price action at that level.

Today’s USD/JPY Signal

  • Risk 0.75%

  • Trades may be entered only before 5pm New York time, and then after 8am Tokyo time.

 

Long Trade 1

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

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

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

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

 

Short Trade 1

  • Short entry following bearish price action on the H1 time frame immediately after the price first reaches 121.00.

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

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

  • Take off 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

Despite the sharp and strong moves we have seen in some other pairs since the New Year, this pair seems to have run out of steam, gently narrowing its waves in a classic entry into consolidation pattern. However we are only about 60 pips from key resistance at 121.00 and if we get there soon it would be a good spot to look for a short trade. It may be though that this pair becomes dull for a while, providing few opportunities.

USDJPY 1515

There are no high-impact data releases scheduled today concerning either the USD or the JPY.

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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