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 Forex Signal - 15 April 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 signals may have provided an entry, as although there was an hourly close below 119.44 the close before the bullish reversal was only 1 pip below 119.15. Any long trade taken there would now be protected and should be left to run.

Today’s USD/JPY Signal

Risk 0.75%

Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the first test of 121.14.

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

  • Adjust 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. Take further profit at 120.60.

USD/JPY Analysis

After the support was broken yesterday at 119.44 it looked as though the support at 119.15 and the confluent trend line were also both going to be broken. However it was noticeable that this pair was not moving against the USD to the same extent that certain other currency pairs were: a bullish sign. The trend line eventually held on the higher time frames in any case, and the price has mildly rallied with a bullish bounce off 119.15. It is too soon to take another long if we return there and so far it has to be said that the rally does not look especially convincing. Furthermore, resistance above is unclear but there are lots of small bumps on that road so any ride up would quite probably be very choppy. The only clarity I see is resistance above 121.00.

USDJPY 41515

There are no high-impact events scheduled later today concerning either the JPY or the USD.

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