Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Wednesday, 23 January 2019 12:17 Share 0 Tweet 0 Pin it 0 Last Monday’s signals were not triggered, as none of the key levels were reached that day. Today’s USD/JPY Signals Risk 0.75%. Trades must be entered between 8am New York time and 5pm Tokyo time today only. Short Trade Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.04. Place 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 Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 109.48 or 109.15. Place 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 last Monday that price had room to rise further, but was off its highs from some hours ago, suggesting that the picture was less bullish, at least over the short-term. I was prepared to take a bullish bias later if the price fell down to 109.31 and made a solid bullish bounce at that support level. I was correct insofar that the price continued to fall gradually. The picture here is very mixed, with a long-term bearish trend and a medium-term bullish trend, while the short-term shows uncertain direction. This means that the best approach is probably to trade any short-term rejection of a key support or resistance level for conservative profits.There is nothing of high importance due today regarding either the USD or the JPY. 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.