USD/JPY Forex Signal – 11 June 2019

USDJPY: Bulls failing at 108.71

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

Today’s USD/JPY Signals

Risk 0.75%.

Trades must be taken from 8am New York time Tuesday and 5pm Tokyo time Wednesday.

Short Trades

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 108.71 or 109.07.

  • 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.

  • 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

  • Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 107.50.

  • 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.

  • 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.

Great trade opportunities are waiting. Don’t miss it!

TRADE NOW

USD/JPY Analysis

I wrote yesterday that there had been a recovery in the USD, and this had pushed the price up after the bottoming near 108.00. However, the next resistance level at 108.71 had continued to hold, so I thought that we may well see a further downwards movement over the coming hours.

A sustained break above 108.71 would have been a bullish sign.

This was a pretty good call, but neither scenario has really played out. The only change is a new support level, but I feel it may be weak as it is within a weekend price gap which is quite likely to get filled.

There is a long-term bearish trend, but the market is quiet, and we have seen a bottoming out for several days, so probably if the price can trade for a couple of hours above 108.71, it will be likely to go higher still.USDJPYThere is nothing important due today concerning either the USD or the JPY.

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