SIGNAL FOREX

USD/JPY Forex Signal: Bullish Price Channel Holding – DailyForex.com


USD/JPY: Weakly bullish with low volatility

Last Thursday’s signals were not triggered as there was no bullish price action when the support level at 107.59 was reached.

Today’s USD/JPY Signals

Risk 0.75%.

Trades may only be taken between 8am New York time Monday and 5pm Tokyo time Tuesday.

Short Trade Ideas

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 108.04, 108.21, or 108.59.

  • Put 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 Trade Idea

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of the lower price channel trend line shown in the price chart below which is currently sitting at about 107.40.

  • Put 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.

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The yen is a popular asset during turbulent times.

USD/JPY Analysis

I wrote last Thursday that the price action was a little confusing over the short term, but there was no reason not to have some faith in this bullish price channel. Therefore, I was ready to take a bullish bias if we had gotten a firm bullish bounce at either 107.59 or the channel’s lower trend line. This was enough to keep out of trouble.

The technical picture is unchanged. This currency pair is ranging over the long-term, but bulls have a weak edge over the short and medium terms, with a symmetrical bullish price channel dominating the chart shown below.

It looks as if the price is going to continue drifting upwards, although action should be very quiet until the Asian session starts later due to the public holiday today in the U.S.A.

I am prepared to take a long trade from a bullish bounce at the supportive trend line if it happens during the Asian session.USDJPYThere is nothing of high importance due today concerning either the JPY or the USD. It is a public holiday in the United States today.

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