Technical Analysis Free Forex Signals USD/JPY Forex Signal - 12 March 2018 USD/JPY Forex Signal - 12 March 2018 Monday, 12 March 2018 11:01 Share 0 Tweet 0 Pin it 0 +1 Last Thursday’s signals were not triggered, as there was no bearish price action at 106.44. Today’s USD/JPY Signals Risk 0.75%. Trades may only be entered from 8am New York time until 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 108.02. 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 bearish price action reversal on the H1 time frame immediately upon the next touch of 106.39 or 105.86. 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 trade is 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 if 106.44 held I would maintain a bearish bias. I thought that if the price did break up above 106.44 it would be a bullish sign, and the price could rise fast as there is little resistance above that level. This is what happened, as improving risk sentiment seems to have pushed this pair upwards against its long-term bearish trend, and in this move it has already reached the round number at 107.00. There is a new, nearly flipped support level at 106.39 that has already held a few hours ago, which is encouraging for bulls. The price is quite likely to consolidate now between 106.39 and 107.00 over the next 24 hours. I have no directional bias beyond that forecast. If the price struggles to rise and then breaks below 106.39 it would be a significantly bearish sign. There is nothing due today concerning either the JPY or the USD. 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.