Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Wednesday, 11 July 2018 12:47 Share 0 Tweet 0 Pin it 0 +1 Yesterday's signals produced a profitable long trade from the bullish outside candlestick which rejected the support level identified at 110.79. Today’s USD/JPY Signals Risk 0.75%. Trades must be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period only. Short Trades Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 111.41 or 111.75. 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 ride. Long Trades Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 110.79 or 110.55. 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 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 had a bullish bias. In fact, the price consolidated above the nearby support before breaking down suddenly just before the Asian session on news that the U.S. was threatening more tariffs on Chinese imports. The price recovered quickly however, bouncing reliably at the support, and in recent minutes as at the time of writing seems to be breaking above the resistance level at 111.17, which might now become support, although it is too recent to be reliable. Considering the recent strongly bullish move to new highs, and the weak but real long-term bullish trend, I take a bullish bias today and think we are likely to see new highs after the New York open later. There is nothing important due today regarding the JPY. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm 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.