Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Thursday, 10 January 2019 12:32 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was no bullish price action at 108.55. Today’s USD/JPY Signals Risk 0.75%. Trades must be taken from 8am New York time until 5pm Tokyo time today only. Short Trades Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 108.55, 109.08, or 109.50. 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 Trade Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 106.02. 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 overall was weakly bullish. There was little momentum, and I thought that the price would do little until the FOMC Meeting Minutes later and remain below 109.50 until the FOMC release. This was a good call as the price remained well below 109.50, but it did begin falling well before the FOMC release. After reaching lows a few hours ago, the price is recovering quite solidly. Although there has been some strength in the Yen, it looks as if this pair is not really the focus of the market right now, and short-term volatility is relatively low. I think it is quite likely that the price will range broadly under the 109.50 area for the next few days, with uncertain direction. Despite that, I would take a bearish bias if we get a strong bearish rejection of 108.55 later today.There is nothing of high importance due today concerning the JPY. Regarding the USD, the Chair of the Federal Reserve will be giving a minor speech at 5pm 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.