USD/JPY Forex Signal

11 January 2017 10:26:22 AM

By: DailyForex.com

USD/JPY Signal Update

Yesterday’s signals were not triggered as none of the key levels were ever reached.

Today’s USD/JPY Signals

Risk 0.75%.

Trades must be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period only.

 

Long Trades

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 114.77 or 114.29.

  • Put 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.

 

Short Trades

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 116.29 or 116.79.

  • Put 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 ride.

 

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

USD/JPY Analysis

I wrote yesterday that the level at 116.29 looked very resistant. It should be a good yardstick to use as a measurement – if it holds, that will be a bearish sign. This is even more true today as the price coils bullishly just below that level. It feels as if should the price break up above 116.29 and 116.79 there could then be a strong upwards movement back up to test recent highs. Conversely a failure at these levels could be really pivotal and spark a fresh wave of strong selling.USDJPY

There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.

Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.

DailyForex Newsletter
0 User Reviews

Registration is required to ensure the security of our users. Login via Facebook to share your comment with your friends, or register for DailyForex to post comments quickly and safely whenever you have something to say.

Log in | Create a DailyForex.com Account Now