Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Tuesday, 8 January 2019 12:33 Share 0 Tweet 0 Pin it 0 +1 Yesterday’s signals were not triggered, as there was insufficiently bearish price action at 108.70. Today’s USD/JPY Signals Risk 0.75%. Trades must be taken from 8am New York time to 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 109.50 or 110.04. 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 if the resistance at 108.70 continued to hold over the coming hours, a move down would become increasingly likely, and conversely a break above it would be a mildly bullish sign. The price gently broke above the level, so the picture now is slightly more bullish. However, it does look as if the levels at 109.50 and 110.04 are going to provide stronger resistance. The market is in a more “risk-on” mode and that usually doesn’t change without some news to drive the sentiment, and as there is nothing really major scheduled for today, I think the price is most likely to continue its slow upwards move to 109.50 but probably not beyond that. I would take a bearish bias later if there were a strong bearish rejection of 109.50.There is nothing of high importance due today concerning either the JPY or the USD. 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.