USD/JPY Forex Signal

20 April 2017 8:48:43 AM

By: DailyForex.com

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

 

Today’s USD/JPY Signals

Risk 0.75%.

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

 

Short Trades

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 109.38 or 110.00.

* Place the stop loss 1 pip above the local swing high.

* Adjust 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 ride.

 

Long Trade 1

* Long entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 107.66.

* 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.

* Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.

 

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

This pair is no longer exactly at the “heart” of the Forex market – that role has been stolen by GBP/USD after the big move two days ago, and the focus that the forthcoming British general election will inevitably provide - but it is still important and moving with a reasonable amount of volatility, although its volatility is now starting to decrease as it consolidates.

The only other important change to technical conditions is the messy break from the previous triangle formation, as the swings take a slightly bullish bias.USDJPY

There is nothing due today regarding the JPY. Concerning the USD, there will be releases of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time, followed later by the Treasury Secretary speaking at 6:15pm.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

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