Technical Analysis Free Forex Signals USD/JPY Forex Signal - 28 February 2018 USD/JPY Forex Signal - 28 February 2018 Wednesday, 28 February 2018 9:45 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action when the price reached 107.20. Today’s USD/JPY Signals Risk 0.75%. Trades may only be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period. 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 Trade Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 106.03. 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 I wrote yesterday that I maintained a bearish bias and I thought the price was likely to fall. In fact, the price rose, breaking above and invalidating the resistance level I identified at 107.19, before turning around again and falling back into its earlier zone of trading. The picture is more complex now and less bearish. There is a long-term bearish trend, but the price is very reluctant to make new lows. At the time of writing, the broken trend line is acting as support and holding up the price just above the round number at 107.00. If this breaks down, the price could fall back down to 106.50 or even beyond. There is little else to go on except that trend line and the fact that a long-term bearish trend exists. There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Preliminary GDP data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm. 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.