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USD/JPY Forex Signal - 8 January 2018

By 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.

No signals have been given this year yet.

 

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 hours only.

 

Short Trade

· Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 114.07.

· 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.

· Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

 

Long Trades

· Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 112.73 or 112.53.

· 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 run.

 

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

It is not really worth having this pair in focus now: volatility is very low, and the price has been ranging for months. In fact, the consolidation is getting tighter and narrower, although it can be argued that this means that some type of volatility breakout is under way. In my view, there are going to be better opportunities elsewhere. There is a small, short-term bullish trend with the price moving up in recent hours, but I doubt it will last. The move will probably fail at the recent high of 113.40 or possibly at the half number of 113.50.

 

USDJPY

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

Adam Lemon
About 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.

 

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