USD/JPY Forex Signal  – 05 April 2018

USD/JPY Forex Signal – 05 April 2018

By: DailyForex.com

Yesterday’s signals produced a losing long trade from the bearish pin candlestick rejecting the resistance level at 107.00.

 

Today’s USD/JPY Signals

Risk 0.75%.

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

 

Short Trade

· Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 108.05.

· 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 run.

 

Long Trades

· Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 106.68, 106.44, or 106.13.

· 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 run.

 

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

Yesterday I took a bullish bias above 106.44. This worked out well, as the price continued its rise. However, I also noted that 107.00 could act as resistance, but if the price got above it that would signify the bulls were in strong control. This is what happened, as the price has become established above 107.00 after a little initial resistance which held for a few hours. I have a stronger bullish bias today. There are no key support levels until 108.05 so the price has plenty of room to rise higher. Watch out for possible resistance though at 107.50 as it is a key psychological level.

This pair is now at the heart of the Forex market, showing the greatest relative volatility, suggesting it is becoming the primary focus for institutional Forex traders.USDJPY

There is nothing due today concerning either the JPY or the USD.

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