USD/JPY Forex Signal - 5 January 2015

Adam Lemon
Adam Lemon
on January 05, 2015 | Updated On Jan 05, 2015

By: DailyForex.com

USD/JPY Signal Update

Last Wednesday’s signals expired without being triggered as although the price did reach 119.54, there was no bullish price action at that level.

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 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

Despite the sharp and strong moves we have seen in some other pairs since the New Year, this pair seems to have run out of steam, gently narrowing its waves in a classic entry into consolidation pattern. However we are only about 60 pips from key resistance at 121.00 and if we get there soon it would be a good spot to look for a short trade. It may be though that this pair becomes dull for a while, providing few opportunities.

USDJPY 1515

There are no high-impact data releases scheduled today concerning either the USD or the JPY.

Best Brokers 5 Brokers
More »
DailyForex Trader's Corner DailyForex Trader's Corner
Forex Trading Courses

Want to get in-depth lessons and instructional videos from Forex trading experts? Register for free at FX Academy, the first online interactive trading academy that offers courses on Technical Analysis, Trading Basics, Risk Management and more prepared exclusively by professional Forex traders.

Register Now For Free!
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 have a good experience with this broker? A bad one? Tell our team and traders worldwide about your experience in our User Reviews tab. Your email address will not be posted.

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.