Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Thursday, 19 July 2018 8:58 Share 0 Tweet 0 Pin it 0 +1 Yesterday's signals were not triggered as there was insufficiently bullish price action at 112.79. Today’s USD/JPY Signals Risk 0.75%. Trades may only be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period. Short Trade Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 113.13. 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 run. Long Trades Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 112.51. 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 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 yesterday that the action still looked a little bullish, despite the bearish bounce. I took a bullish bias above 113.13 or if there was a retracement and strongly bullish bounce at 112.79. The price did retrace to 112.79, which held gently, but there was no true bounce and the price fell below it. However, the price has begun rising again in recent hours, in line with the long-term trend, which is hopeful for bulls. I want to see the price get established above 113.13 before I would feel comfortable taking a bullish bias, so I am still holding back from judgement. There is nothing important 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.