SIGNAL FOREX

USD/JPY Forex Signal: Weakly Bullish Above 105.77 – DailyForex.com


I will trade reversals from either of these levels if either or both set up today.

USD/JPY: Yen still has some strength as a safe haven

Yesterday’s Signals were not triggered as the bearish price action took place just above 105.73.

Today’s USD/JPY Signals

Risk 0.75%.

Trades may only be entered between 8 am New York time Thursday and 5 pm Tokyo time Friday.

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 106.43, 106.62, or 106.79.
  • 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 Ideas

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 105.77 or 105.64.
  • 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 yesterday that although the support level at 105.20 had been invalidated, it was clear there is still going to be support, probably, in the area of the big round number at 105.00.

I was right about this as we have seen a meaningful bullish move from yesterday’s low just a few pips above 105.00.

This bullish movement has run out of steam, so the thing to watch for here is whether the new support level at 105.77 holds.

The nearest resistance level at 106.43 has been pivotal for a while, so is likely to be strong resistance if reached.

As there is no real trend in this currency pair, I see the most likely scenario as the price ranging between 105.77 and 106.43. Therefore, I will trade reversals from either of these levels if either or both set up today.

There is nothing of high importance due today regarding either the JPY or the USD.

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