Our free forex signals service trade today is a buy order on the AUD/JPY pair.
The AUD/JPY pair has moved sideways over the short term., but the price action is signalling that the downside movement is over and that the bulls could take the lead. Still, we’ll have to wait for confirmation before considering going long. As long as it moves sideways, we don’t have a good trading opportunity.
Yesterday, the Japanese Flash Manufacturing PMI was reported at 54.2 versus 53.5 expected, while the BOJ Core CPI registered a 0.6% growth compared to 0.4% expected. Today, the SPPI registered a 1.0% growth versus 0.9% expected.
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Yen Futures In The Seller’s Territory
Despite the positive data, the Yen stayed lower as the Japanese Yen Futures resumed its drop. The AUD/JPY could slip lower if the Yen Futures will rebound after the most recent sell-off. On the other hand, the JPY could depreciate versus all its rivals if the futures will approach and reach new lows.
From the technical point of view, the pair escaped from the descending pitchfork’s body and now it tries to stabilize above the 82.909 weekly pivot point. A valid breakout through the 150% Fibonacci line and above the ascending pitchfork’s median line (ml) could activate an upside continuation. Jumping and closing above the 38.2% retracement level may bring new long opportunities.
Free forex signals – BUY AUD/JPY at 83.540
Free forex signals entry price and takes profit
Instrument: AUD/JPY
Order Type: BUY STOP
Entry price: 83.54
Stop Loss: 82.60
TP1: 84.94
My Risk: 1%
Risk / Reward Ratio: 1: 1.5
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