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USD/JPY Forex Signal - 7 May 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 gave a long trade yesterday with a break of a bullish pin bar off the support level at 119.36. This just reached 20 pips of profit so would have been stopped out for a small profit by now.

Today’s USD/JPY Signal

Risk 0.75%

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

 

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the bullish trend line currently sitting at around 118.65.

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

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

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

 

Long Trade 2

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 118.00.

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

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

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

 

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 120.01.

  • 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.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

 

Short Trade 2

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 120.92 and 121.14.

  • 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.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

USD/JPY Analysis

I expected yesterday that we would remain between 119.36 and 120.00 and that is exactly what happened, with this pair moving little but remaining supported by 119.36.

This will probably remain the case unless there is a surprise in the U.S. news. The big break in any direction is more likely to happen after the Non-Farm Payroll data is released on Friday. However, this pair has stubbornly remained in a tight range for a long time now, so there are likely to be better pairs for trading any USD strength or weakness following the NFP data.

USDJPY 5715

There will be a release of U.S. Unemployment Claims data at 1:30pm 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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