Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Tuesday, 27 November 2018 12:34 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there has not yet been a formation of bearish price action at the 113.66 level. Today’s USD/JPY Signals Risk 0.75%. Trades may only be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period. Short Trade Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 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 113.40 or 113.14. 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 the picture was looking more bullish, with a medium-term bullish price channel and new higher support at 113.14. I took a cautiously bullish bias above 113.40 and that was a good call as not only has the price risen from that level, it has also become established as new support. However, bulls now have to overcome the confluence of resistance at 113.66 and the upper channel trend line shown in the price chart below. A break above 113.80 or so will be a very bullish sign, but if the price trades below 113.40 for a couple of hours it will suggest a deeper pullback towards the lower end of the channel is becoming more likely. 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.