USD/JPY Forex Signal

Today’s USD/JPY Signals

Risk 0.75%.

Trades may only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period.

Short Trades

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 111.85 or 112.40.

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 110.70.

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

This pair depends today on the announcement of important US inflation figures and the extent of investor appetite for risk. Overall, the US dollar keeps benefiting from the US-China trade war, while the US Federal Reserve is expected this month to raise interest rates. For the fifth day in a row, the pair is stabilizing at the resistance level of 111.00 which supports the strong upside correction. I prefer buying bearish retracements.

USDJPY

There is nothing important due today concerning the JPY. Regarding the USD, there will be the release of consumer price index and jobless claims data.

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.