(MENAFN- Daily Forex) Last Thursday's signals were not triggered, as there was no bullish price action at 112.63.
Today's USD/JPY Signals
Risk 0.75%.
Trades may only be entered from 8am New York time until 5pm Tokyo time during the next 24-hour period.
Short Trade
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Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 113.23.
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Place the stop loss 1 pip above the local swing high.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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
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Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 112.19.
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Place the stop loss 1 pip below the local swing low.
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Adjust the stop loss to break even once the trade is 20 pips in profit.
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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.
USD/JPY Analysis
I wrote last Thursday that picture remained somewhat bearish, with stock markets nervous again, producing sudden flows into the Japanese Yen as a safe haven. The price channel being a bearish one confirmed this technically, yet the 112.50 area may remain as solid support. I was ready to take a bearish bias at a strong reversal at the upper trend line or at 113.23.
I was correct to be broadly bearish, but the price never returned to the level at 113.23 which I highlighted. The bearish price channel is intact, and the price has even been held within a bearish inner trend line, although at the time of writing the price is threatening to break up above it. I remain broadly bearish, with the market showing 'risk off sentiment which should help the Japanese Yen, and there is a confluence of a major trend line and a horizontal level now at 113.23 so I would be sp3ecifically bearish if we see a return to that level followed by a strong reversal. 
There is nothing important due today concerning either the JPY or the USD.
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