USD/JPY Forex Signal - 21 April 2015

USD/JPY Signal Update

Yesterday’s signals were never triggered as the price did not reach 119.60 or 118.00.

Today’s USD/JPY Signal

Risk 0.75%

Trades may only be taken between 8am and 5pm New York time only, or after 8am Tokyo time later.

 

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next retest of the broken bullish trend line currently sitting at around 119.60, ideally with a simultaneous rejection of the horizontal resistance at 119.70.

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

  • Move the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run. Take further profit at 118.85.

 

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the first test of 118.00.

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

  • Move the stop loss to break even once the trade is 20 pips in profit.

  • Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride. Take further profit at 118.70.

USD/JPY Analysis

We have had a renewal of some USD strength which leads the price to approach what may be a key turning point, confluent with the broken bullish trend line at around 119.60 and a flipped resistant level at 119.70. A rejection of these levels could provide a solid basis for a short trade.

USDJPY 42115

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

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.