USD/JPY Forex Signal - 20 April 2016

 

USD/JPY Signal Update

Yesterday’s signals were not triggered.

Today’s USD/JPY Signals

Risk 0.75%

Trades must be entered from 8am New York time until 5pm Tokyo time only.

 

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.00.

  • Place 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.

  • Remove 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

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 108.43.

  • Place 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.

  • Remove 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 action was elsewhere yesterday, and this pair did not really move very much. There has been no real change to the technical picture at all. There has been some minor support at the round number of 109.00 but the really important levels are some way away from the current price.

USDJPY

 There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.

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.