Technical Analysis Free Forex Signals USD/JPY Forex Signal - 3 December 2018 USD/JPY Forex Signal - 3 December 2018 Monday, 3 December 2018 12:55 Share 0 Tweet 0 Pin it 0 Last Thursday’s signals were not triggered as there was no bearish price action at 113.42. Today’s USD/JPY Signals Risk 0.75%. Trades must be entered before 5pm Tokyo time, after 8am New York time today. 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 113.14 or 112.75. 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 last Thursday that although there was short-term bearish momentum, we should look to see what happened when 113.14 was reached. This level was never reached, and the price has done little ever since. The bullish trend line continues to hold but the price is effectively consolidating, and we also have the beginning of a triangular trend line structure which seems to confirm that. As both the Dollar and Yen are “risk-off” assets while riskier assets are getting a boost, we see little action here, so this pair is probably best avoided in the current sentiment environment. I have no directional bias. There is nothing important due today concerning the JPY. Regarding the USD, there will be a release of ISM Manufacturing PMI 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.