USD/JPY Forex Signal

20 March 2017 10:41:14 AM

By: DailyForex.com

Last Thursday’s signals were not triggered as none of the key levels were hit during that session.

Today’s USD/JPY Signals

Risk 0.75%.

Trades may only be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period.

 

Long Trade 1

  • Long entry following a bullish price action reversal on the H1 time frame occurring upon the next touch of 111.36.

  • 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 run.

 

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 112.91 or 113.55.

  • 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 run.

 

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

This pair has shown a great deal of bearish momentum over recent days, and this has been expressed in the breakdown of several support levels, some of which have flipped to become resistance. The price has starting to rise again robustly in recent hours, so it seems that the presumed resistant area starting at 112.91 will be tested soon, giving a possible short trade entry.

Despite the recent bearishness, there is no long-term trend.

USDJPY

There is nothing due today regarding either the JPY or the USD.

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.

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