USD/JPY Forex Signal - 25 April 2017

Yesterday’s signals were not triggered as there was no bullish price action at 110.00.

 

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 Trade 1

* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 111.02.

* 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 Trades

* Long entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.00 or 109.41.

* 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 still moving with quite a lot of volatility. The most interesting feature technically is that the long-term upper bearish channel trend line looks as if it is about to be tested. A break above there could signify that the long-term bearish trend is coming to an end.USDJPY

There is nothing due today regarding the JPY. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm 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.