USD/JPY Forex Signal - 2 November 2015

USD/JPY Signal Update

Last Thursday’s signals were not triggered and expired.

Today’s USD/JPY Signals

Risk 0.50%

Trades must be entered 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 entry into the zone between 120.28 and 120.08.
  • 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 119.66.
  • 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 121.47.
  • 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

I thought last Thursday’s London open was showing local support at around 120.50 and we did indeed get a move up from there, only to form a double top close to 121.50 and fall again to around 120.25, a zone which is acting as very good support and has done so since the weekly open during the first Asian session of this week

We now seem to be stuck between 120.28 and 121.47 and probably will remain there until we get more dramatic US economic news at some stage over the next few days.

USDJPY

Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time. There is nothing due concerning the JPY. 

 

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.