Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Tuesday, 14 August 2018 13:31 Share 0 Tweet 0 Pin it 0 +1 Yesterday's signals were not triggered, as there was no bearish price action at 110.45. Today’s USD/JPY Signals Risk 0.75%. Trades may be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period only. Short Trades Go short following a bearish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 111.19. 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. 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 Trade Go long following a bullish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 110.45. 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. 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 The price has risen in this pair, as it tends to do when risk sentiment improves, and we seem to see the Turkish Lira stabilizing. The price just peeked above the strong bearish price channel which has set the tone for many days now, visible in the price chart below, but has again turned down. It looks as if movement here is going to be limited until there is a bullish break above 111.19. I would be bearish later today if the price can get established above that level. There is nothing important due today concerning either the JPY or the USD. 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.