USD/JPY Forex Signal

19 June 2017 9:09:15 AM

By: DailyForex.com

Last Thursday’s signals were not triggered as there was no bearish price action at 110.72.

Today’s USD/JPY Signals

Risk 0.75%.

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

Short Trade 1

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 111.47 and 111.67.
  • 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.
  • Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride. 

Long Trade 1

  • Go long following a bearish price action reversal on the H1 time frame immediately upon the next touch of 109.82.
  • 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.
  • Take off 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

The price has finally broken up out of its long-term bearish channel, which is an important bullish technical sign. After rising strongly and being held by the resistant area beginning at 111.47, the price pulled back, but has been rising again in recent hours. Although the action may be very slow today, the most probably scenario looks like a test of the resistant area above. A failure there could be a good opportunity to enter a short trade. The nearest key support level is a long way below, but there is a supportive trend line which could hold any downwards move at a higher price.USDJPY

There is nothing due today concerning 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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