USD/JPY Forex Signal- June 23, 2014

By DailyForex | Updated July 30, 2014 AAA

By: DailyForex.com

USD/JPY Signal Update

Last Thursday’s signals were not triggered and expired.

Today’s USD/JPY Signals

Risk 0.75% per trade.

Entries may only be made between 8am and 5pm then from Midnight to 7am London time.

Long Trade 1

Long entry following bullish price action off either of the broken bearish trend lines currently sitting at around 101.13.

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

Adjust the stop loss to break even when the price reaches 101.50.

Take off 25% of the position as profit at 101.70 and leave the remainder of the position to ride.

Short Trade 2

Short entry following bearish price action off the bearish trend line currently sitting at around 102.40.

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

Adjust the stop loss to break even when the price reaches 102.20.

Take off 50% of the position as profit at 101.75, or take all of the risk off the trade if it is more than 50% of the position size, and leave the remainder of the position to ride.

USD/JPY Analysis

This pair has given little opportunity for quite some time now, being stuck in some fairly tight ranges and refusing to really break out anywhere.

Last Thursday morning things looked slightly bearish but in fact we had a small move up. We were unable to get above the resistance at around 102.20 which proved to be quite resilient, but dangerously sloppy as a place to look for trades with reasonably tight stop losses. For this reason, although it is quite prone to act as a resistance level, I am not looking for any short trades there.

I am looking for a short at the bearish trend line above if it holds and gives bearish price action. Conversely, I will wait until the price gets down to the broken trend lines at around 101.13 before looking for any long trades. There is increasing confluence down there with a good support zone that begins at around 100.88 and also a key 50% Fibonacci retracement of the long-term move up at around 101.20.

USDJPY 62314

There are no high-impact data releases scheduled today that might directly affect the JPY. Later at 3pm London time there will be a release of US Existing Home Sales data, which may affect the USD. It might be a fairly quiet day today for this pair.

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