USD/JPY Forex Signal July 06 2015 - 6 July 2015

USD/JPY Signal Update

Last Thursday’s signals expired without being triggered.

Today’s USD/JPY Signals

Risk 0.75%
Trades may only be taken between 8am and 5pm New York time only, and then after 8am Tokyo time later.

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 121.77.
  • 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.
  • 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.

Long Trade 2

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 121.47.
  • 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.
  • 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.

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 123.75.
  • 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.
  • 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.

Short Trade 2

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 124.25.
  • 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.
  • 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

The Greek crisis and NO vote yesterday created a positive move in the USD last night that was felt particularly in Asian counterparty currencies, so it was no surprise that this pair opened gapped down close to the key support level of 121.77.

However the move up appears to have run out of steam now, and we remain well within recent ranges with all the key horizontal levels so far intact.

GBP/USD Signal

At 3pm London time there will be a release of U.S. ISM Non-Manufacturing PMI data. There is nothing due today regarding 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.