USD/JPY Forex Signal | DailyForex


Yesterday’s signals were not triggered, as there was no bearish price action at 108.55.

Today’s USD/JPY Signals

Risk 0.75%.

Trades must be taken from 8am New York time until 5pm Tokyo time today only.

Short Trades

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 109.08 or 109.50.

  • Put 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 Trade

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 106.02.

  • Put 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 yesterday that as the resistance level at 108.55 had held and the picture was now looking more bearish as risk-off sentiment returns to the market, I would take a bearish bias if the price could cleanly break below 107.80 later. This was at least enough to stay out of trouble, as the price never reached 107.80 and instead began to rise quite firmly a few hours ago, breaking above the former resistance at 108.55 which is now seeming to begin to act as new support.

Although the U.S. Dollar is not universally strong, it is moving up against the Yen which has become very weak. Therefore, it seems to make sense to take a weakly bullish bias, if any, provided that the support level at 108.55 holds as the New York session gets underway and the price continues to make new highs with healthy volatility.USDJPyThere is nothing of high importance due today concerning the JPY. Regarding the USD, there will be a release of PPI data at 1:30pm London time.



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