Our free forex signals service today looks at the EUR/JPY pair and we have the entry, stop and take profits levels for you.
The EUR/JPY pair found a support level near 129.56 to 129.78 zone for the second time, triggered by the lows of April.
The BOJ maintains a key interest rate of -10 basis points (bps) since July. The ongoing monetary policy meeting keeps the promise to buy J-REITS at an annual interest rate of up to 180 billion JPY. The Bank of Japan said, “The Japanese economy remains in a difficult position, but is growing as a trend,” reported by Reuters.
The resurgence of coronavirus has been a major catalyst in the recent market’s flight to safety assets. Unfortunately, the northern hemisphere recently joined the Asia-Pacific League with a few days of major infections and a faster-spreading variant of Covid. The UK recorded the highest daily cases since the previous day in January, and infections in Tokyo have also risen most likely in six months. In addition, in the event of a jump, Australia extends local bans, and Los Angeles necessitates the mask’s mandate.
Despite President Jerome Powell’s request not to adjust monetary policy, uncertainty surrounding the Fed’s next move outweighs the risk appetite. In addition, the new uncertainty between the US and China and the rising Brexit clashes are other factors undermining market optimism.
As the BOJ met market expectations, EUR/JPY traders will closely monitor Governor Haruhik Kuroda’s remarks. A relatively important catalyst, however, will be consumer-focused US data and risk-related news.
Free forex signal for EUR/JPY
Instrument: EUR/JPY
Order: BUY STOP
Entry price: 130.18
Stop Loss: 129.50
TP1: 131.20
Recommended Risk: 1%
Risk / Reward Ratio: 1:5
Signal validity period: Good until cancelled
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Saqib Iqbal
