Technical Analysis Free Forex Signals USD/JPY Forex Signal - 28 November 2018 USD/JPY Forex Signal - 28 November 2018 Wednesday, 28 November 2018 12:49 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered, as there was no bearish price action at the 113.66 level. Today’s USD/JPY Signals Risk 0.75%. Trades must be entered before 5pm Tokyo time, over the next 24-hour period only. Short Trade Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 114.18. 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 113.66, 113.40 or 113.14. 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 a break above 113.80 or so would be a very bullish sign, but if the price traded below 113.40 for a couple of hours it would suggest a deeper pullback towards the lower end of the channel is becoming more likely. This was an OK if rather inconsequential call as the high was made a few hours ago at 113.90 only 10 pips above 113.80. We see in the chart below not exactly a bullish channel, but the medium and long-term pictures and certainly bullish, albeit weakly so. It now seems likely that 113.66 is going to be a pivotal level, and I would take a bullish bias on this currency pair if there is a healthy bullish bounce at that level later. There is nothing important due today concerning the JPY. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm 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.