Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Monday, 11 February 2019 13:01 Share 0 Tweet 0 Pin it 0 Last Thursday’s signals were not triggered as none of the key levels were quite reached, but the low of the day was only 1 pip above the nearest support level identified at 109.59. Today’s USD/JPY Signals Risk 0.75%. Trades must be entered between 8am New York time Monday and 5pm Tokyo time Tuesday. Short Trade Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.52. 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 Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 110.04 or 109.59. 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 Thursday that the big round number of 110.00 was likely to again be the pivotal area today, but I had no directional bias. This was a good call as the price continued to fall after rejecting the level earlier, before finding support just a pip above the nearest support level. The picture now is looking more bullish as we finally are seeing a breakout above the resistance which was centred upon 110.00 over several days. The rise looks healthy so far and could well reach the next resistance level today at 110.52. I have a cautiously bullish bias above 110.04 and below 110.50 today. There is no long-term trend, which is why I am cautious – much could depend upon the performance of the U.S. stock market when it opens affecting this pair (bullish stocks = bullish USD/JPY). There is nothing of high importance due today regarding 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.