USDJPY Free Forex Trading Signals – 31st Oct 2016

Today, we have a USDJPY Free Forex Trading Signals – 31st Oct 2016. I have been eyeing on USDJPY pair. The pair has been trending up for the last 4 weeks. It has had some corrections, but the trend is still intact. Let’s have a look at the 4 hourly chart of USDJPY below.

The pair has started its bull journey from 101.000 and it has come back from 105.400 to make some corrections. Although there was a strong 4 hourly bearish candle, but the level of 104.500 has been held. Thus, I believe that the pair might make another good bullish move from where the price is now. However, here are the conditions to take buy entries on Usd-Jpy according to this analysis.

1. The level of 104.500 has to be held and cannot be breached.
2. The level of 105.075 has to be broken with a good-looking 1 hourly bull candle and held.
3. Market should not produce too many 1 hourly rejection candles from the level of 105.075.

If the price breaks the level of 105.075 with strong momentum then we might take long entries on USDJPY. Another level might play an important part, which is 105.400. That was last week’s higher high. Nevertheless, eventually the level of 105.400 should get broken by the price if things go according to the calculation. Now let us have a look on the levels that we set our target and stop loss.

• Our stop loss should be below the level of 104.500.
• Do not forget to add some buffering pips.
• Our Take profit should be placed at the level of 106.700.

This means it gives us a risk and reward ratio of 1:3 (approx). No doubt the risk and reward ratio is very lucrative, which always attracts traders to jump into a set up. There is a trend line, which has been obeyed by the price so far. This can be used to set trailing stop loss. We wish you well in this trade signal and would like to hear from you on this USDJPY Free Forex Trading Signals – 31st Oct 2016. Comment below. Good luck.