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USD/JPY Forex Signal - 3 February 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

Yesterday’s signal expired without being triggered as the price never reached 119.94.

Today’s USD/JPY Signal

Risk 0.75%

Trades must be made between 8am London time and 5pm New York time only, or after 8am Tokyo time later.

 

Short Trade 1

  • Go short following some bearish price action on the H1 time frame immediately upon the first touch of the bearish trend line above, currently sitting at about 118.30.

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

  • Move the stop loss to break even once the trade is 20 pips in profit.

  • Take off 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

During the Asian session that has just ended, we made another move down to the likely support that I had previously identified at 116.82, with the bounce beginning just a few pips short of that level. The level was already a little exhausted and now I would see it as even less reliable, especially as the price action is suggesting that a move down is coming.

Currently there are probably several supportive areas between 116.82 and 116.00. However it would be most reliable to wait for another touch of the long-0term bullish lower triangle trend line which is currently sitting within this zone, before taking a long if there is bullish price action straight away.

If there is another move up and a bearish bounce off the lower bearish trend line that was previously part of the narrow triangle, then a short could be taken off that.

We are too far away from the other key levels to worry about them.

USDJPY 2315

There are no high-impact data releases scheduled today concerning either the USD or the JPY. Therefore it is quite likely to be a relatively quiet day for this pair.

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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