Technical Analysis Free Forex Signals USD/JPY Forex Signal - 21 February 2018 USD/JPY Forex Signal - 21 February 2018 Wednesday, 21 February 2018 11:24 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action at 107.48. Today’s USD/JPY Signals Risk 0.75%. Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24 hours. Protect any open trade by 6:30pm London time. Short Trade Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 108.05. 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. Long Trades Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 107.48 or106.72. 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 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 Yesterday I noted the increasing bullishness resulting from the break of resistance, but what watching for a reversal close to 107.50. The price instead went on to break above that level, which is another bullish sign. The price has now reached an area close to the obvious upper trend line of its medium-term bearish channel, and so should struggle to get much beyond 108.00. The upwards movement already seems to have halted, so that resistant area may already be having an effect in halting the recent price rise. It looks likely that it will take several more hours for the price to make any decisive directional movement. The best trade would probably be a short from 108.05 starting a reversal back into the direction of the long-term bearish trend. There is nothing due today concerning the JPY. Regarding the USD, there will be a release of FOMC Meeting Minutes at 7pm London time. 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.