By: DailyForex.com

USD/JPY Signal Update

Yesterday’s signals did trigger a potential long trade a short while ago on a higher low after the price had fallen below 103.74.

Today’s USD/JPY Signal

  • Entries must only be taken before 8am London time tomorrow (Friday).

  • Risk 0.75% of equity.

Long Trade 1

  • Go long following bullish price action on the H1 time frame after the first touch of 103.00.

  • Put a stop loss 1 pip below the local swing low.

  • Move the stop loss to break even when the price reaches 103.40.

  • Remove 50% of the position as profit at 103.40 and leave the remainder of the position to ride.

Long Trade 2

  • Go long following a strong higher low fairly close to 103.74.

  • Put a stop loss 1 pip below the local swing low.

  • Remove 75% of the position when profit is twice risk and leave the remainder to ride.

USD/JPY Analysis

Yesterday I anticipated that we would not be able to break below 103.50. The picture is still bullish.

We dipped below 103.74 overnight, so it is now possible to look for long trades after we made a strong first higher low on a short-term chart.

If that does not happen and we fall instead to 103.50 after making a new low for the day, this could be an excellent level for the price to turn around bullishly and provide us with a long trade.

There is no very obvious resistance before the 105.00 level.

USDJPY 82814

There are no high-impact data releases schedules for a specific time today concerning the JPY. Regarding the USD, there will be Preliminary GDP and Unemployment Claims at 1:30pm London time, followed by Pending Home Sales at 3pm. Therefore the New York session is likely to be more active.

Related Articles
  1. Investing Basics

    What's Current Portion of Long-Term Debt?

    The current portion of long-term debt is the part of a company’s long-term debt that must be repaid within the next year.
  2. Economics

    Defining Cost-Push Inflation

    Cost-push inflation is caused by an increase in the cost of production, due to higher prices for raw materials or labor.
  3. Economics

    Explaining Cost Control

    For a business, cost control entails managing and reducing expenses.
  4. Economics

    What's a Conglomerate?

    A conglomerate is a corporation that’s comprised of several different independent businesses.
  5. Mutual Funds & ETFs

    ETF Analysis: iShares Asia 50

    Read more about BlackRock's iShares Asia 50 Fund, an ETF that follows the four "Asian Tiger'' nations plus China.
  6. Fundamental Analysis

    Explaining the Central Limit Theorem

    Central limit theorem is a fundamental concept in probability theory.
  7. Economics

    Understanding the Bretton Woods Agreement

    The Bretton Woods Agreement is a famous international monetary agreement that came out of a meeting of the UN Monetary and Financial Conference.
  8. Retirement

    What's a 401(a) Plan?

    A 401(a) plan is a type of money-purchase retirement plan set up by an employer.
  9. Investing

    Build a Retirement Portfolio for a Different World

    When it comes to retirement rules of thumb, the financial industry is experiencing new guidelines and the new rules for navigating retirement.
  10. Mutual Funds & ETFs

    ETF Analysis: WisdomTree International LargeCp Div

    Learn more about the WisdomTree International LargeCap Dividend fund, an income-based international equities ETF that focuses heavily on the United Kingdom.
RELATED TERMS
  1. Sticky Wage Theory

    An economic hypothesis theorizing that pay of employees tends ...
  2. Cost Of Funds

    The interest rate paid by financial institutions for the funds ...
  3. Earnings Before Interest & Tax ...

    An indicator of a company's profitability, calculated as revenue ...
  4. Implied Volatility - IV

    The estimated volatility of a security's price.
  5. Plain Vanilla

    The most basic or standard version of a financial instrument, ...
  6. Operating Cost

    Expenses associated with the maintenance and administration of ...
RELATED FAQS
  1. Are dividends considered passive or ordinary income?

    Despite the fact that earning dividends requires no active participation on the part of the shareholder, they do not meet ... Read Full Answer >>
  2. Is dividend income taxable?

    Dividend income is taxable but it is taxed in different ways depending on whether the dividends are qualified or nonqualified. ... Read Full Answer >>
  3. How do dividends affect net asset value (NAV) in mutual funds?

    Distribution of dividends reduces the net asset value (NAV) of mutual fund shares. However, this doesn't mean that fund investors ... Read Full Answer >>
  4. Are mutual funds considered retirement accounts?

    Unlike a 401(k) or Individual Retirement Account (IRA), mutual funds are not classified as retirement accounts. Employers ... Read Full Answer >>
  5. How do dividends affect the balance sheet?

    Dividends paid in cash affect a company's balance sheet by decreasing the company's cash account on the asset side and decreasing ... Read Full Answer >>
  6. Do mutual funds invest only in stocks?

    Mutual funds invest in stocks, but certain types also invest in government and corporate bonds. Stocks are subject to the ... Read Full Answer >>

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!