Our free forex signals service trade today is a buy order in EUR/JPY. The price will go up if the USD continues its upside momentum.
The EUR/JPY pair rallies at the time of writing, and it seems determined to resume its rise after ending the correction phase. However, in the short term, the pair moves somehow sideways.
That’s why we have to wait for strong confirmation before taking action. The price action developed a potential range pattern. A valid upside breakout may signal an upside continuation. Today, the Japanese banks are closed in observance of Showa Day.
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The currency pair rallied even though the Eurozone data came in mixed today. Still, the price jumped higher as the Yen remained bearish. As a result, the Japanese Yen Futures maintain a bearish bias despite temporary rebounds.
The French Flash GDP, French Consumer Spending, Spanish Flash GDP, Italian Flash GDP, and the Italian Prelim CPI came in worse than expected.
Euro-zone CPI Flash Estimate 7.5%
The CPI Flash Estimate rose by 7.5%, matching expectations, while the German Prelim GDP reported a 0.2% growth as expected. From the technical point of view, making a valid breakout above 61.8% (138.00) could activate more gains ahead. As you can see on the H4 chart, it has escaped from a triangle pattern which could represent an upside continuation pattern.
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Free forex signals – Buy EUR/JPY at 138.22
Free forex signals entry price and take-profit
Instrument: EUR/JPY
Order Type: BUY STOP
Entry price: 138.22
Stop Loss: 136.69
TP1: 140.52
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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