USD/JPY Signal- April 23, 2014

Adam Lemon

USD/JPY Signal Update

Yesterday’s signals were not triggered and expired as the price never reached either 102.34 or 103.00.

Today’s USD/JPY Signal

Risk 0.75%
Entries must be made either before 5pm today New York time, or between 8am Tokyo time and 8am London time tomorrow (Thursday).

Long Trade 1

Enter long following confirming bullish price action on the H1 chart following a first touch of 102.34.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even when the price reaches 102.60.
Remove 25% of the position as profit at 102.60, then 50% of the original position size at 103.00, and then leave the remainder of the position to run.

Short Trade 1

Enter short following confirming bearish price action on the H1 chart following a first touch of 103.00.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even when the price reaches 102.76.
Remove 25% of the position as profit at 102.76, then 50% of the original position size at 102.58, and then leave the remainder of the position to run.

USD/JPY Analysis

Yesterday was a very quiet day and the price just went sideways. There is really nothing to add to yesterday’s commentary. Today is likely to be another quiet day so we can still look for both long and short trades but it is a good idea to be cautious and wait for price action confirmation, as detailed in the signals above.

We still have the flipped resistance to support below at 102.35 and the opposite above at 103.00. Although we did reach a level with 5 pips of the support, the conditions today should make a long possible again from the 102.35 area.

USDJPY Signal

There are no high-impact news releases due today concerning the JPY. At 3pm London time there is New Home Sales data that may affect the USD. It is likely to be another fairly quiet day but there may be some turbulence from the EUR and GBP high-impact news events that are due during today.

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.
Learn more from Adam in his free lessons at FX Academy

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