Our free forex signals service trade today is a buy order on the EUR/JPY. The pair will go up if it finds a reversal from the support level.
The EUR/JPY pair retreated a little after their strong rally. However, the retreat was temporary before trying to resume its growth. So, technically, the price action signaled that the retreat was over and that the bulls could take the lead.
However, in the short term, the price remains sideways. That’s why we need strong confirmation before taking action. The Japanese Yen Futures maintain a bearish bias. The further drop could weaken the Japanese Yen.
Fundamentally, the Japanese PPI rose by 9.5% versus 9.2% expected, while the Bank Lending registered 0.5% growth matching expectations.
Euro-zone ZEW Economic Sentiment -43.0 points
The Euro is struggling to resume its growth despite positive Eurozone economic data. The ZEW Economic Sentiment was reported at -43.0 above -46.5 expected, while the German ZEW Economic Sentiment came in at -41.0 versus -48.4 estimates. In addition, the German WPI came in better than expected, while the German Final CPI came in line with expectations.
From the technical point of view, the EUR/JPY pair escaped from the down channel, which represents an upside continuation pattern. Therefore, a new higher high could activate more gains.
Free forex signals – Buy EUR/JPY at 136.70
Free forex signals entry price and take-profit
Instrument: EUR/JPY
Order Type: BUY STOP
Entry price: 136.70
Stop Loss: 136.14
TP1: 137.55
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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