USD/JPY Forex Signal - 2 December 2014

Adam Lemon

USD/JPY Signal Update

Yesterday’s signal to go long at a bullish retest of the broken bearish trend line was triggered. Look to take profit at around 119.00.

Today’s USD/JPY Signal

  • Risk 0.75%

  • Trades may only be entered between 8am London time and 5pm New York time; and then from 8am Tokyo time.

 

Long Trade 1

  • Go long at bullish price action on the H1 time frame immediately following the next touch of 117.03.

  • 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 run.

USD/JPY Analysis

I wrote yesterday that there could still be a good long opportunity off a retest of the broken bearish trend line that had held the price during most of last week, and this opportunity arrived yesterday at the end of the London session when the trend line was retested and held to the pip! The price action formed a bullish engulfing candle on the H1 time frame, which broke very quickly, and then took off later after a pull-back. At the time of writing, the price is perhaps 20 pips away from 119.00, where it might meet local resistance, so be wary of any turns around this area.

I do not see any really good opportunities to enter new trades today with this pair, except for perhaps some short scalping off any resistance at 119.00.

USDJPY 12214

There are no high-impact data releases scheduled today that will directly affect either the USD or the JPY. Therefore it is quite likely to be a relatively quiet day for this pair.

About the Author
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

Currency Pairs:
Comments

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments
Add Comment

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.