Our free forex signals service today looks at the EUR/JPY and we have the entry, stop and take profits levels for you.
The buying pressure around the Euro is mounting as the risk sentiment improves on Monday. There is no hint of exhaustion at the moment, and investors prefer riskier assets. Moreover, the lack of traction in the US Dollar is also supporting the Euro and other riskier assets.
The Euro found strong support last week as the Eurozone GDP for the second quarter and inflation figures met the expectations of the market participants. We also expect the growth to continue in the third quarter despite the lingering risk of Delt variant spread and risk of slow recovery. Therefore, the growth forecast for the entire year is expected at 5%.
The ECB is also discussing gradually phase out the emergency support as the Eurozone economy has shown signs of progress. However, the ECB has still been with the loser monetary policy.
On the other hand, the safe-haven appeal of the Japanese Yen deteriorates as the market sees broader risk-on sentiment. Meanwhile, coronavirus cases spiked to new record highs, and the Japanese government proposed the state of emergency be imposed in three steps till August 31st near the Olympics host Tokyo.
Later today, market participants are keeping an eye on the US ISM manufacturing PMI data for July that may provide stimulus to the market. However, not many surprises are expected from the data.
EUR/JPY free forex signals
Instrument: EUR/JPY
Order: BUY STOP
Entry price: 13052
Stop Loss: 129.99
TP1: 131.21
Recommended Risk: 1%
Risk / Reward Ratio: 1:3
Signal validity period: Good until cancelled
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Saqib Iqbal
