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USD/JPY Forex Signal- July 1, 2014

USD/JPY Signal Update

Yesterday’s signal was not triggered as the price never reached 100.88.

Today’s USD/JPY Signal

Short Trade 1

Long entry following bearish price action on the H1 time frame after the first touch of 100.88.

Put a stop loss 1 pip below the local swing low.

Adjust the stop loss to break even when the price reaches 101.18.

Take off 50% of the position as profit at 101.50 and leave the remainder of the position to run.

USD/JPY Analysis

Yesterday we had a fairly minor move down to a level just prior to the 50% Fibonacci retracement at 101.18 that has been supportive for the past several months. During the Tokyo session, we had a fairly strong upwards move for a few hours that at the time of writing is holding up, so we may be due for some kind of move up today although it is hard to say. Certainly, we are closer to a supportive than a resistant zone.

There should be a good long opportunity if we turn around again and get down to areas we have not seen for a while such as 100.88 where there is a strongly supportive zone. My colleague Christopher Lewis also sees support below 101.00.

Above us the broken lower triangle trend line may act as resistance although I am not looking for a short at any level before the flipped resistance at 102.21.

It is quite likely there will not be any good opportunities with this pair and it should be traded cautiously as it has been moving in a very ranging style.


There are no high-impact news releases scheduled today that are likely to directly affect the JPY. Later at 3pm London time there will be a release of ISM Manufacturing PMI data, which may affect the USD.

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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