Home Free Forex Signals and Forecast: Buy EUR/JPY – 3 Nov 2021
Forex Trading Signals

Free Forex Signals and Forecast: Buy EUR/JPY – 3 Nov 2021

Our free forex signals service trade today is a buy order on the EUR/JPY pair.

The EUR/JPY pair is trading in the red at 131.80 level and it has shown some oversold signs. Still, it’s premature to talk about a potential upside movement as the pressure is still high. Personally, I’m looking for longs if the price fails to make a new lower low.

The price action has printed a continuation pattern, but we’ll have to wait for confirmation before considering going long. Today, the Japanese banks were closed in observance of Culture Day.

Fundamentally, the EUR/JPY was still under bearish pressure as the Euro-zone Final Manufacturing PMI, German Final Manufacturing PMI, and the Spanish Manufacturing PMI indicator were reported worse than expected in yesterday’s trading session.

3 Free Forex Every Week – Full Technical Analysis

Eurozone Unemployment Rate 7.4%

The Euro is still under pressure even if the Euro-zone Unemployment Rate dropped from 7.5% to 7.4% as expected. Moreover, the Spanish Unemployment Change and the Italian Monthly Unemployment Rate have come in better than expected. 

Technically, the EUR/JPY pair has found support at 131.57 level and on the channel’s downside line. The pattern could represent a continuation one if the rate makes an upside breakout.

As you can see, the price has found strong support also on the 23.6% retracement level. It has printed a bullish engulfing signalling upside pressure.

Staying above the 131.57 static support and making a valid breakout through the downtrend line could activate an upside continuation.

Free forex signals – BUY EUR/JPY at 132.48

free forex signals 

Free forex signals entry price and take profit

Instrument: EUR/JPY

Order Type: BUY STOP

Entry price: 132.48

Stop Loss: 131.40

TP1: 134.11

My Risk: 1%

Risk / Reward Ratio: 1 / 1:5

Looking to trade forex now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.