Technical Analysis Free Forex Signals USD/JPY Forex Signal USD/JPY Forex Signal Thursday, 7 February 2019 12:57 Share 0 Tweet 0 Pin it 0 Yesterday’s signals produced a profitable short trade from the bearish pin candlestick rejecting the resistance level at 110.04, but it only gave approximately the minimum 20 pips of profit. Today’s USD/JPY Signals Risk 0.75%. Trades may only be taken from 8am New York time Thursday until 5pm Tokyo time Friday. Short Trades Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.04 or 110.51. 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 Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 109.59 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 picture had become more bearish although there was no long-term price trend. I thought that if the US stock market went into selling mode later after the New York open, we would be likely to get a further move down, possibly as far as 109.15. I was wrong to be so bearish as although the price did get below 109.66 and the U.S. stock market initially sold off, the move did not carry through with any weight. The bullishness returned but again, the strong resistance level at the big round number of 110.00 held. This is likely to again be the pivotal area today. A sustained break above 110.04 could be the start of a powerful movement, as pressure is building here. Alternatively, a strong rejection there after the New York open could see the price fall quite strongly. There is quite likely to be an opportunity here, but I have no directional bias.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.