Technical Analysis Free Forex Signals USD/JPY Forex Signal - 30 January 2018 USD/JPY Forex Signal - 30 January 2018 Tuesday, 30 January 2018 8:35 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as none of the key levels were ever reached. 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 hours Short Trade Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 109.85. 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 Trades Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 108.05. 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 price reaches 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 There is a long-term bearish trend, and the Yen is one of the relatively strong currencies over the short term too. However, the micro picture is complex, as although we have had a bullish break above a resistant trend line which may now be acting as support, we also had a rejection of the area above 109.00, which was a more bearish sign. If the price does not move down to break below 108.50 soon, it will become more likely to make a more decisive bullish reversal, with no obvious obstacle to stop its rise all the way to 109.50 or even higher. Right now, I have a slightly bearish bias. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time, and President Trump will be delivering a state of the union address at 2am. There is nothing important due today concerning the 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.