USD/JPY Forex Signal - 16 November 2015

USD/JPY Signal Update

Last Thursday’s signals expired without being triggered as the price never reached any of the key levels.

 

Today’s USD/JPY Signals

Risk 0.50%

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

 

Long Trade 1

* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 122.00.

* Put 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.

* Take off 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 121.42.

* Put 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.

* Take off 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 123.77.

* Put 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 run.

 

USD/JPY Analysis

The price opened this week with a small to moderate gap down, but this was quickly filled as the JPY fell somewhat following disappointing Japanese economic data. The price is now threatening minor resistance at the round number of 123.00.

USDJPY

There is nothing due today concerning either the JPY or the USD.

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.