Technical Analysis Free Forex Signals USD/JPY Forex Signal - 5 February 2018 USD/JPY Forex Signal - 5 February 2018 Monday, 5 February 2018 11:00 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered, as 109.85 was not reached within the specified time. 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 110.52. 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 109.83 or 109.09. 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 wrote last Thursday that it looked as if long trades were the preferred approach, and the price did continue to move up beyond the 109.50 area along the more obvious line of least resistance. Despite the long-term bearish trend, the Yen is one of the weaker currencies against the U.S. Dollar’s recent resurgence. We have seen the bullish move begin to fail as it hits a fairly long-term bearish trend line confluent with resistance at 110.52, which can be seen in the price chart below. A break up above this area would be a very bullish sign. It looks as if the new support at 109.83 is already holding, and as if the price is readying for another attempt to challenge 110.52. Although this area looks strong, I have a bullish bias today. There is nothing important due today regarding the JPY. Concerning the USD, there will be a release of ISM Non-Manufacturing PMI data at 3pm 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.