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USD/JPY Forex Signal - 8 March 2018

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

Yesterday’s signals were not triggered as there was no bearish price action at 105.86.

Today’s USD/JPY Signals

Risk 0.75%.

Trades must be taken between 8am New York time and 5pm Tokyo time, over the next 24-hour period only.

Short Trade

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 106.44.

  • 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 ride.

Long Trade

  • Go long following a bearish price action reversal on the H1 time frame immediately upon the next touch of 105.86.

  • 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 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 I took a cautiously bearish bias on this pair today. The pair rose, with the price getting established above the nearest resistance level at 105.86 which now seems to have flipped to become support. It is notable that the price has not risen far and is still held down by the long-term bearish trend line and the resistance level at 106.44. If 106.44 holds I will maintain a bearish bias. If the price does break up above 106.44 it would be a bullish sign, and the price could rise fast as there is little resistance above that level.

USDJPY

Concerning the JPY, the Bank of Japan will release its Monetary Policy Statement and Policy Rate late in the Asian session, followed by the usual press conference. There is nothing important due regarding the USD.

Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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