Our free forex signals service trade today is a buy order on the USD/JPY. The pair will go up if the US dollar finds bullish momentum.
The USD/JPY pair retreated a little in the short term, but the overall bias remains bullish. The temporary retreat was natural after its strong rally. The pair is trading at 125.39 at the time of writing, above today’s low of 125.08.
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Technically, the price reached a key level which stands as support. A bullish pattern could indicate a new leg higher. As you already know, the Dollar Index retreated. That’s why the greenback depreciated a little in the short term. Also, the Japanese Yen appreciated as the Yen futures rebounded.
Fundamentally, the Japanese economic data disappointed yesterday. The Core Machinery Orders dropped by 9.8% versus 1.5% expected, while the M2 Money Stock rose by 3.5% versus the 3.6% estimated. On the other hand, the US PPI and Core PPI came in better than expected.
US Retail Sales Data and ECB
Today, the US retail sales figures and the ECB could bring strong volatility. The Retail Sales indicator is expected to register a 0.6% growth in March versus 0.3% growth in February, while the Core Retail Sales may report a 1.0% growth in the last month. In addition, the US is to release the Unemployment Claims, Prelim UoM Consumer Sentiment, and the Business Inventories.
From the technical point of view, the USD/JPY pair found support on the 125.10 key level, and now it has escaped from a down channel which could represent a bullish pattern.
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Free forex signals – Buy USD/JPY at 125.51
Free forex signals entry price and take-profit
Instrument: USD/JPY
Order Type: BUY STOP
Entry price: 125.51
Stop Loss: 125.03
TP1: 126.32
My Risk: 1%
Risk / Reward Ratio: 1:1.7
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