USD/JPY Daily Forecast 9th April 2018
Last Thursday’s signals were not triggered, as none of the key levels were ever reached.
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.
Long Trades
Short entry following a bearish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 108.05.
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 Trades
- Long entry following a bullish price action reversal on the 1H1 time frame H1H1H1 time frame immediately upon the next touch of 106.68, 106.44, or 106.13.
- 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 took a bullish bias last Thursday. The price hasn’t really risen any further since then, but it has not fallen either, and is holding up above the new support levels, and is using the broken bearish trend line shown in the chart below as a supportive platform to push higher. I had thought 107.50 might halt the advance for a time as a key psychological level and I was right about that, and the next level is at 108.05. It now looks as if the price will rise to challenge 107.50 and possibly beyond, so I again take a bullish bias today.
There is nothing due today concerning either the JPY or the USD.