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USD/JPY Forex Signal - 28 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 were not triggered and expired as the price never reached either the bullish trend line or 120.07.

Today’s USD/JPY Signal

Risk 0.75%

Trades may only be taken between 8am and 5pm New York time only.

 

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 120.07

  • 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.

 

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next test of the bullish trend line currently sitting at around 118.61.

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

  • 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.

 

Long Trade 2

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the first test of 118.00.

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

  • 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.

USD/JPY Analysis

The pair remains waterlogged and there is has been no technical change in the situation over the past day. Tomorrow is a holiday in Japan so this pair is likely to remain quiet until we approach the FOMC announcement tomorrow night. However we might get a bounce up off the bullish trend line today that could be a good launching pad for a long trade if it is later supported by a USD-positive FOMC announcement tomorrow.

USDJPY 42815

There are no more high-impact events scheduled today concerning the JPY as it is a public holiday in Japan. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.

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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