USD/JPY Forex Signal - 10 November 2016

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By: DailyForex.com

USD/JPY Signal Update

Yesterday’s signals produced a profitable short trade off the resistance level identified at 103.48 following an inside bar break, but it only made the minimum 20 pips.

Today’s USD/JPY Signals

Risk 0.75%

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

 

Long Trade 1

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 103.80.

  • Place the stop loss 1 pip below the local swing low.

  • Adjust 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.

 

Short Trades

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 106.41, 106.73 or 107.49.

  • Place the stop loss 1 pip above the local swing high.

  • Adjust 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.

USD/JPY Analysis

This pair came roaring back yesterday, and feels as if it is not done yet as it now seems set to challenge 106.00. This feels to me as if it will be the obvious trade of the day or at least the moment as at the time of writing.

Attention should be paid to the fact that we are approaching an area that has been very pivotal for a long time with a lot of key resistance beginning at about 106.41. I doubt this could break in the very near term.

USDJPY

There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm 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.