Technical Analysis Free Forex Signals USD/JPY Forex Signal - 9 August 2018 USD/JPY Forex Signal - 9 August 2018 Thursday, 9 August 2018 11:36 Share 0 Tweet 0 Pin it 0 +1 Yesterday's signals were not triggered, as there was insufficiently bullish price action at 110.80 although it eventually acted as good support. Today’s USD/JPY Signals Risk 0.75%. Trades may only be taken 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 111.86. 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 Trades Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 110.80 or 110.55. 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 I wrote yesterday that the price was in a wide medium-term bearish channel, yet it remained difficult to forecast any larger movements in this pair, as action was quite congested. I did expect the support at 110.80 to be strong if it is reached, and I was correct about that. The technical picture today is unchanged, the price remains in a bearish channel, and the support at 110.80 is still valid. The most that can be said now is that at the time of writing, there is short-term bullish momentum, with the Yen falling faster than any other currency, and that a break above the support trend line currently sitting at about 111.40 would be a bullish sign. There is nothing important due today concerning the JPY. Regarding the USD, there will be a release of PPI 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.