Technical Analysis Free Forex Signals USD/JPY Forex Signal - 21 November 2018 USD/JPY Forex Signal - 21 November 2018 Wednesday, 21 November 2018 12:30 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered as there was no bearish price action at 112.66. Today’s USD/JPY Signals Risk 0.75%. Trades may only be taken between 8am New York time and 5pm Tokyo time, within the next 24-hour period. Short Trades Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 113.05 or 113.66. 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 H1 time frame immediately upon the next touch of 112.66 or 112.19. 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 yesterday that as there is a longer-term ranging environment, so I thought this pair was very unpredictable and dangerous to trade right now. I took no directional bias. The price seems now to have begun a short-term bullish trend, breaking above the former resistance level at 112.66 and then using it as new, higher support. I still see this pair as generally dangerous to trade due to the ranging environment which prevails, but strong rejections of any key level shown in the price chart below could produce good trades if profits are taken conservatively. There is nothing important due today concerning either the JPY or the USD. 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.