Home Free Forex Signals and Forecast: Sell USD/JPY – 6 May 2022
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Free Forex Signals and Forecast: Sell USD/JPY – 6 May 2022

Today, our free forex signals service trade is a sell order in USD/JPY. The price will go down if the JPY gains momentum after the US NFP.

The USD/JPY pair registered a strong leg higher in the short term, but the buyers seem exhausted. As a result, the price started to drop, and it could activate a larger correction soon. After that, it could come back down to test and retest the near-term support levels before developing a new leg higher.

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Fundamentally, the Japanese data came in mixed today. The Monetary Base rose by 6.6% versus 8.2% expected, while the Tokyo Core CPI registered a 1.9% growth compared to 1.8% estimates. Later, the volatility could be high as the US releases high-impact figures. Most likely, the USD/JPY pair could register sharp movements.

Non-Farm Employment Change 390K expected

Today, the fundamentals will move the price. For example, the NFP is expected at 390K in April versus 431K in March. The unemployment rate may also drop from 3.6% to 3.5%, while the Average Hourly Earnings could register a 0.4% growth. Also, the Canadian data could impact the greenback as well.

Technically, it has dropped below the uptrend line signaling that the upside movement is over. However, as long as it stays within the descending pitchfork’s body, the USD/JPY pair could drop deeper.

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Free forex signals – Sell USD/JPY at 130.25

usd/jpy free forex signals

Free forex signals entry price and take-profit

Instrument: USD/JPY

Order Type: SELL STOP

Entry price: 130.25

Stop Loss: 130.82

TP1: 129.40

My Risk: 1%

Risk / Reward Ratio: 1:1.5

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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.