Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Tuesday, 5 February 2019 12:21 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered, as the bearish price action took place above 110.04. 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 Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.04 or 110.52. 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 Trade Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 109.74 or 109.15. 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 bullish move was strong but counter-trend, so was liable to run out of steam. I thought that 110.04 was likely to hold but I would still be nervous taking a bearish reversal there today. This was a good call as it reflected what has happened over the past 24 hours. I think the picture is a little more bullish now, and we may well see a bigger break above 110.00 later. Much is likely to depend upon the USD data release due later. I would take a bullish bias after that time if the price can hold above 110.04 for a couple of hours on relatively high volatility.There is nothing of high importance due today regarding the JPY. Concerning the USD, there will be a release of ISM Non-Manufacturing PMI 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.