Technical Analysis Free Forex Signals USD/JPY Forex Signal - 29 January 2018 USD/JPY Forex Signal - 29 January 2018 Monday, 29 January 2018 10:55 Share 0 Tweet 0 Pin it 0 Last Thursday’s signals were not triggered as the price action changes took place just beyond the nearest key support and resistance levels, although the levels were roughly predictive of the boundaries of the day’s price movement. 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 hours only. Short Trade Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 109.85. 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. Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run. Long Trades Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 108.05. 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. Remove 50% of the position as profit when the price reaches 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 I was correct last week in taking a bearish bias, as the price continued to fall for another day, making new lows on Friday. However, the Dollar has been firmer since this week’s open, and at the time of writing it looks as if the resistance level at 108.92 is being broken. If the price can remain firmly above 109.00 as London opens, the road is open to a test of 109.50, where bulls might fail again. The long-term trend is bearish, but less so than in other major currency pairs. However, the resistance level at 109.85 looks like an attractive area for a potential short trade later, if it is reached, although it is relatively unlikely this will happen today. There is nothing important due today concerning either the USD or JPY. Currency Pairs USD/JPY Adam Lemon 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.