SIGNAL FOREX

USD/JPY Forex Signal: Bullish Consolidation – DailyForex.com


USD/JPY: Yen getting weaker over time

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

Today’s USD/JPY Signals

Risk 0.75%.

Trades must be entered 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 111.82, 112.40, or 112.93.

  • 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.

  • 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 Trade Ideas

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 109.49 or 108.50.

  • 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.

  • 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.

Advertisement

The yen is a popular asset during turbulent times.

USD/JPY Analysis

I wrote yesterday that I thought it was not wise to be short the USD these days against anything, so I expected this weak bullish trend to continue here, and I would be prepared to take long trades from any firm bullish bounces at any support level which may be reached.

We are seeing a bit of a pullback by the USD, but the only effect that is having here is to make the price consolidate, and it is still a bullish consolidation. I see the USD as likely to strengthen further over the medium term, so I continue to take a weakly bullish bias if the price bounces at any of the identified support levels – I would not take any short trades yet. Volatility here is relatively low compared to other USD currency pairs.USDJPYRegarding the USD, there will be a release of Flash Manufacturing PMI data at 1:45pm London time. There is nothing of high importance scheduled today for the JPY.

Let’s block ads! (Why?)


Scalping Strategy Course (DVD + Online) - $299.00

In the much anticipated Forex Scalping Strategy Course, Vic and Sarid show you short-term focused techniques and strategies to make quicker profits while reducing market exposure.




Forexmentor Coach's Corner First Month (Online) - $149.00

The Coach's Corner offers 2 live sessions per week, an integrated approach to trading, FREE access to the VicTrade video course and Darko's Pattern Trading Video Lessons.



Source link

Have your say