Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Tuesday, 29 January 2019 12:58 Share 0 Tweet 0 Pin it 0 Yesterday’s signals produced a profitable long trade following the bullish rejection during the Asian session of the support level at 109.15. Today’s USD/JPY Signals Risk 0.75%. Trades may only be taken between 8am New York time and 5pm Tokyo time today. Short Trades Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 109.50 or 110.04. Put 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 Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 109.15, or 108.73. Put 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 yesterday that the picture had become very slightly more bearish as 109.44 seemed to have flipped from support to become new lower resistance, but I thought that the support at 109.15 looked OK to me as a level. This was a good call as the level held firmly and produced a bullish bounce which has continued to advance. Ranging conditions are prevailing in this pair, so I would still take an approach of trading strong bounces off key levels in any direction.There is nothing of high importance due today regarding the JPY. Concerning 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.