USD/JPY Forex Signal: Topping @110.00 Continues - 11 February 2020

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USD/JPY: Long-term resistance 110.07/30

Yesterday’s signals were not triggered, as none of the key levels have been reached.

Today’s USD/JPY Signals

Risk 0.75%.

Trades must be taken from 8am New York time Tuesday to 5pm Tokyo time Wednesday.

Short Trade Ideas

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.07 or 110.69.

  • Place 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.

  • 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 Ideas

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 109.54, 109.25, or 108.99.

  • Place 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.

  • 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 as the bulls had been unable to push the price above the key round number at 110.00, the picture had become a little more bearish now, with the nearest support lower than it was before at 109.54.

I thought that there were likely to be better opportunities in the other major currency pairs until we saw a decisive bullish break here to new highs above 110.07.

This was a good call, as the price has continued to go sideways below 110.00.

I think the best approach is still to wait for a breakout above 110.07, in which case I would take a bullish bias. A long trade from a bounce following a retracement to 109.54 could also be a good trade.USDJPYConcerning the USD, the Chair of the Federal Reserve will be testifying before Congress at 3pm London time. There is nothing of high importance due today regarding the JPY.

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