USD/JPY Forex Signal - 29 December 2014

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By: DailyForex.com

USD/JPY Signal Update

Last Tuesday’s signals expired without being triggered as although the price did hit 120.19, there was no bearish price action there.

Today’s USD/JPY Signal

  • Risk 0.75%

  • Trades may be entered only before 5pm New York time, and then after 8am Tokyo time.

 

Long Trade 1

  • Long entry following bullish price action on the H1 time frame immediately after the price first reaches 119.54.

  • Place the stop loss 1 pip below the local swing low.

  • Move the stop loss to break even once the trade is 25 pips in profit.

  • Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.

 

Long Trade 1

  • Long entry following bullish price action on the H1 time frame immediately after the price first reaches 117.75.

  • Place the stop loss 1 pip below the local swing low.

  • Move the stop loss to break even once the trade is 25 pips in profit.

  • Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.

 

Short Trade 1

  • Short entry following bearish price action on the H1 time frame immediately after the price first reaches 121.00.

  • Place the stop loss 1 pip above the local swing high.

  • Move the stop loss to break even once the trade is 25 pips in profit.

  • Take off 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.

USD/JPY Analysis

The USD bullishness continued at the start of last week, but then tailed off and the price of this pair has since been going sideways. There may be more left in this very strong upwards trend, but if the previous high does not get taken out above 121.00, we will enter a period of consolidation which might still be quite volatile due to the size of the previous swings.

USDJPY 122914

There are no high-impact data releases scheduled today concerning the JPY or the USD. It is likely to be a quiet day for this pair.

 

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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