USD/JPY FOREX SIGNAL

Today’s USD/JPY Signals
Risk 0.75%.
Trades may only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Short Trades
  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 112.15 or 112.57.
  • 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.
  • 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 111.76, 111.43, or 111.31.
  • 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.
  • 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
The extremely weak long-term uptrend continues, and it has been given fresh impetus by the bullish price channel which has formed over the past ten or so days which is shown within the price chart below. However, the price has arrived in an area which can be expected to be strong resistance, but if it can break up above and beyond 112.50 then bulls should have a hope of seeing a stronger move erupt with more volatility. Alternatively, if the price fails at 112.15, we may see this channel break down. I would be bearish following a strongly bearish rejection of 112.15 later today.
USDJPY
There is nothing important due today concerning either the JPY or the USD

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