USD/JPY Forex Signal – Tuesday, June 13

Yesterday’s signals were not triggered as the bullish price action took place slightly below 109.73.

Today’s USD/JPY Signals

Risk 0.75%.

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

Short Trade 1

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.72.
  • 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 run. 
  • Long Trade 1

  • Long entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 109.63.
  • 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 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

    The long-term trend is bearish, and although this pair retraces from buying again and again, it sooner or later tends to make lower lows. The chart below shows a long-term bearish channel remains intact, with the upper trend line of the channel now just under 110.50. If the price cannot break up above 110.72, it is likely to continue to fall, although the market may run out of steam after today’s New York session as focus turns to the FOMC release tomorrow.

    I maintain a bearish bias.

    There is nothing due today concerning the JPY. Regarding the USD, there will be a release of PPI data at 1:30pm London time.

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    Author: Travis Esquivel

    Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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