USD/JPY Forex Signal- August 27, 2014

By DailyForex | August 27, 2014 AAA

By: DailyForex.com

USD/JPY Signal Update

Yesterday’s signals were not hit, so they expired without being triggered.

Today’s USD/JPY Signal

Entries may only be taken before 8am London time tomorrow (Thursday).

Risk 0.75% of equity.

Short Trade

Short entry following bearish price action on the H1 time frame after the first touch of 105.00.

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

Adjust the stop loss to break even when the price reaches 104.25.

Take off 75% of the position as profit at 104.25 and leave the remainder of the position to run.

Long Trade 1

Long entry following bullish price action on the H1 time frame after the first touch of 103.00.

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

Adjust the stop loss to break even when the price reaches 103.40.

Take off 50% of the position as profit at 103.40 and leave the remainder of the position to run.

Long Trade 2

Long entry following a strong higher low high after the price falls below 103.74.

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

Take off 75% of the position when profit is twice risk and leave the remainder to run.

USD/JPY Analysis

We did dip yesterday before rising back up to around the 104.10 area, from which we have now fallen again. The daily candle ended as a bullish pin bar, but its location in the broader picture means this is not very significant.

It is still worth having a bullish bias as there is no very clear resistance before the 105.00 level above us, and this pair more than any other moved strongly last week.

Today will probably be a very quiet day, but there is a chance for more long trades below 103.74, possibly around 103.50 as I identified yesterday, or even lower at 103.00. I suspect we will not really be able to break below 103.50 today in any event.

USDJPY 82714

There are no high-impact data releases due today concerning either the JPY or the USD, so it likely to be a quiet day.

comments powered by Disqus
Related Forex Analysis
  1. Asia recap: most majors are still sleeping in a ranges; JPY is weakening
    Forex News

    Asia recap: most majors are still sleeping in a ranges; JPY is weakening

  2. Yen Drops, Aussie and NZ Dollars Rise on GPIF Asset Allocation Change
    Forex News

    Yen Drops, Aussie and NZ Dollars Rise on GPIF Asset Allocation Change

  3. USD/JPY remains better bid at 107.20 resistance
    Forex News

    USD/JPY remains better bid at 107.20 resistance

  4. USD/JPY Grind Higher Continues Following Bullish Harami Formation
    Forex News

    USD/JPY Grind Higher Continues Following Bullish Harami Formation

  5. USD/JPY on the bid back on 107 handle
    Forex News

    USD/JPY on the bid back on 107 handle

Trading Center