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USD/JPY Forex Signal - 26 April 2018

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.

Yesterday’s signals were not triggered, as none of the key levels were ever reached.

Today’s USD/JPY Signals

Risk 0.75%.

Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period.

Short Trade

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 109.76.

  • 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.

Long Trades

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 109.00.

  • 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.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

USD/JPY Analysis

I wrote yesterday that there was no reason to stop being bullish, but the move up might well slow down now. I was correct as the price did continue to rise and at a slightly slower pace. There is no change to the technical picture, in fact the general bullishness is confirmed by new flipped resistance to support at the round number of 109.00. I maintain a bullish bias, although action is likely to slow down as the day goes on and we approach the Bank of Japan’s monthly policy input.USDJPY

Regarding the USD, there will be a release of Core Durable Goods Orders data at 1:30pm. Concerning the JPY, the Bank of Japan will release its Policy Rate, Monetary Policy Statement, and Outlook Report late in the forthcoming Asian session.

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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