Our free forex signals service today is a buy order on the CAD/JPY pair. The pair is moving sideways in the short term. The current range pattern could represent an accumulation before jumping higher.
In the short term, the currency pair challenges a dynamic resistance, so we’ll have to wait for strong confirmation before taking action.
Yesterday, the Yen took a hit from the Japanese economic data. The Economy Watchers, Current Account, Bank Lending, Household Spending, and the Average Cash Earnings came in worse than expected.
Also, in the short term, JPY depreciated also because the Japanese Yen Futures and the Yen basket index dropped.
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Japanese Prelim Machine Tool Orders 61.4%
Today, the Prelim Machine Tool Orders was reported at 61.4% versus 40.5% in the previous reporting period. Later, the BOC Gov Macklem Speaks could bring some volatility. From the technical point of view, the CAD/JPY pair challenges the descending pitchfork’s upper median line (UML).
A valid breakout above the 23.6% retracement level, a new higher high could activate an upside continuation. Only false breakouts above the upper median line (UML) could announce that the upside scenario could be invalidated. Actually, a new lower low could signal that the CAD/JPY could come back down.
Free forex signals – Buy CAD/JPY at 91.18
Free forex signals entry price and takes profit
Instrument: CAD/JPY
Order Type: BUY STOP
Entry price: 91.18
Stop Loss: 90.69
TP1: 92.16
My Risk: 1%
Risk / Reward Ratio: 1:2
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