Technical Analysis Free Forex Signals USD/JPY Forex Signal - 16 April 2018 USD/JPY Forex Signal - 16 April 2018 Monday, 16 April 2018 10:00 Share 0 Tweet 0 Pin it 0 +1 By: DailyForex.com Last Thursday’s signals were not triggered, as none of the key levels were ever reached. 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 108.05. * 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 Trades * Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 106.68, 106.44, or 106.13. * 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 last Thursday that the levels at 106.68 and 106.43 still looked like good benchmarks for judging whether bulls or bears are in control, however bulls do need to price to move substantially higher soon. This worked out quite well, as the levels held, and the price did move up to finally make a major new high above the psychological level of 107.50. However, the price has fallen back, although it seems to be bottoming around 107.25. This pair has now become the most volatile of all the major Forex pairs, suggesting it will be interesting to trade, but could move unpredictably within wide price ranges. Despite the fall over recent hours, I still maintain a bullish bias above 106.68. There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Retail Sales data at 1:30pm 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.