Our free forex signals service today looks at the EUR/JPY and we have the entry, stop and take profits levels for you.
As the EUR/JPY pair continues to consolidate around 129.60 amid deteriorating market sentiment, the price seems to have stopped bouncing from monthly lows.
After the Fed eased its pressure over an impending restrictive move with a softer inflation report, the US dollar is licking its wounds. In addition, Treasury yields are on the decline, thereby limiting the fall on the ground.
Euro bulls are now on the defensive due to risk aversion fueled by Chinese raids and bleak economic data from Germany.
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Future market activity will be influenced by the producer price index and US jobless claims. Momentum and yield on the dollar will remain at moderate risk in the meantime.
Meanwhile, investor concerns over the economic effects of the rapidly spreading delta variant of the Coronavirus continued to weigh on sentiment. This was evidenced by the softer sentiment in the stock markets, which favored the safe haven of the Japanese yen and was seen as another factor keeping the EUR/JPY pair in check.
Therefore, it is prudent to wait for some strong follow-up selling before concluding that EUR/JPY has peaked shortly and prepare for further devaluation moves. In addition, trades are eagerly anticipating US economic data – PPI and weekly jobless claims – for renewed volatility in the market.
EUR/JPY free forex signals
Instrument: EUR/JPY
Order: BUY STOP
Entry price: 130.05
Stop Loss: 129.09
TP1: 131.96
Our Risk Setting: 1%
Risk / Reward Ratio: 1:2
Signal validity period: Good until cancelled
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Saqib Iqbal
