USD/JPY Forex Signal – 13 December 2018



Fibo Quantum Scalper

Yesterday’s signals were not triggered, as the bearish price action took place slightly above the resistance level identified at 113.37.

Today’s USD/JPY Signals

Risk 0.75%.

Trades must be taken from 8am New York time until 5pm Tokyo time over the next 24-hour period only.

Short Trade

  • Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 114.18.

  • 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.

  • Take off 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 112.93 or 112.19.

  • 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.

  • Take off 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

I wrote yesterday that I now had more faith in the support at 112.93, and if that or the broken trend line would to hold as support, bullish pressure could build for an attempt to move at least as high as 114.18. I was not bullish yet, but I was ready to become so soon if the price held up. The price has held up, using the former bearish trend line as new support from the other side, but it has not been able to rise to make new high prices yet. Therefore, I am still ready to start becoming weakly bullish, but we just do not have the momentum and high level of volatility yet which would make looking for trades to take truly interesting. If we get a strong push up beyond 113.60 on above-average volatility, I would take a bullish bias until the resistance at 114.18, which would be likely to hold at any first attempt as it has been effective for a long time.USDJPY

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






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