USD/JPY Forex Signal – 06 June 2019



Fibo Quantum Scalper

USDJPY: Bearish consolidation under 108.51

Yesterday’s signals were not triggered as the price never quite reached the resistance level at 108.51.

Today’s USD/JPY Signals

Risk 0.75%.

Trades must be taken from 8am New York time Thursday until 5pm Tokyo time Friday.

Short Trades

Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 108.51, 108.73, or109.07.

Put 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.

Put 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 the picture looked considerably less bearish as the price did not seem to want to remain below 108.00 and looked as if it were making a significant bottom. Stock market sentiment is also increasingly positive, and this tends to drive up the price of USD/JPY. However, despite this slight bullishness, there were strong resistance levels nearby which may hold down the price, so I would take a bearish bias at a strong bearish turn at any of the three nearby resistance levels.

None of the levels were reached, and the price made a high just below the nearest resistance level at 108.51, so there is residual bearishness and a long-term bearish trend. However, we have seen several days of consolidation, so a bullish reversal after a bullish break above 108.51 is becoming increasingly likely.

I would still take a bearish bias if there is a strong bearish rejection of 108.51 following another retest of that level.USDJPYThere is nothing important due today concerning the USD. Regarding the JPY, there will be a minor speech by the Governor of the Bank of Japan at 9:25am London time.






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