Technical Analysis Free Forex Signals USD/JPY Forex Signal - 12 November 2018 USD/JPY Forex Signal - 12 November 2018 Monday, 12 November 2018 12:54 Share 0 Tweet 0 Pin it 0 Last Thursday’s signals were not triggered, as none of the key levels were reached that day. 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 only. Short Trade Short entry following a bearish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 114.18. 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. 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 Long entry following a bullish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 113.56 or 113.05. 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. 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 last Thursday that the odds were with the bulls and that I would take a bullish bias above 113.56 that day. This was a good call as the support level at 113.56 and the price continued to move up that day and close up too. There is a weak but true long-term bullish trend, with a generally strong U.S. Dollar, and the price made a new 20-day high a few hours ago. However, the price is having some difficulty rising without making quite deep retracements. We have just seen the price reach the nearby resistance level at 114.18 from where it has fallen with what looks as if it might be an impulsive move. This means that although I am still long-term bullish, I am not confident regarding the likelihood of today’s direction. There is nothing important due today concerning either the JPY or the USD. It is a public holiday today in the U.S.A. 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.