Technical Analysis Free Forex Signals USD/JPY Forex Signal - 8 March 2018 USD/JPY Forex Signal - 8 March 2018 Thursday, 8 March 2018 11:06 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered as there was no bearish price action at 105.86. Today’s USD/JPY Signals Risk 0.75%. Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period only. Short Trade Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 106.44. 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. 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 Trade Go long following a bearish price action reversal on the H1 time frame immediately upon the next touch of 105.86. 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. 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. 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 took a cautiously bearish bias on this pair today. The pair rose, with the price getting established above the nearest resistance level at 105.86 which now seems to have flipped to become support. It is notable that the price has not risen far and is still held down by the long-term bearish trend line and the resistance level at 106.44. If 106.44 holds I will maintain a bearish bias. If the price does 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. Concerning the JPY, the Bank of Japan will release its Monetary Policy Statement and Policy Rate late in the Asian session, followed by the usual press conference. There is nothing important due regarding 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.