Technical Analysis Free Forex Signals USD/JPY Forex Signal - 13 June 2018 USD/JPY Forex Signal - 13 June 2018 Wednesday, 13 June 2018 9:19 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bearish price action at 110.58. Today’s USD/JPY Signals Risk 0.75%. Trades must be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period only. Short Trade Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.86. 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. 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 Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 110.40 or 109.85. 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. 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 although the picture was basically bullish on this pair, the price would probably struggle to get above 110.40. I was correct about the bullishness but wrong about 110.40 as the level did eventually break to the upside as well as the next level a short way above that. There is now only one more key resistance level truly worth worrying about, which is 110.86. If the price manages to get established above there later, it will be a very bullish sign. The next important price movement will surely be decided by the FOMC releases due later. If they are more bullish than expected for the U.S. Dollar and for the U.S. economy generally, we are likely to see a relatively strong rise in the price here. There is nothing due today concerning the JPY. Regarding the USD, there will be a release of PPI data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm and then the FOMC releases at 7pm followed by the usual press conference half an hour later. 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.