Our free forex signals service today looks at the EUR/JPY and we have the entry, stop and take profits levels for you.
The EUR/JPY pair is struggling to maintain the gains. The cross pair is looking for a catalyst to trigger further buying in the pair.
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As a result of moderate recovery in the dollar, cash flows late in the month, and some weakness in the risk mix, the spot price moved ineffectively on Wednesday.
A reading of 99.4 in August (down from 100.7 in July) does not support the Euro as reported in the IFO’s domestic docket. According to IFO, some decline in the economic recovery pace may have been noted in recent months, as well as a possible peak. On the other hand, several major Eurozone economies have seen their PMIs soar in recent months.
After China announced that COVID-19 had stopped spreading throughout the population, risk sentiment soared following the announcement. Further, the FDA approved the Pfizer / BioNTech COVID-19 vaccine, contributing to investors’ appetites for riskier assets.
As investors waited on the sidelines ahead of Fed Chairman Jerome Powell’s Jackson Hole speech, this rally lacked strong bullish confidence despite the supportive factors. In light of Powell’s remarks, investors are scrutinizing the Fed’s austerity plan, which will boost the dollar soon.
In the meantime, traders and investors are awaiting the United States orders for durable goods published on Wednesday. Together, these factors could affect dollar momentum and weigh on the Japanese Yen. That being said, broader market risk sentiment can also create some short-term trading opportunities.
EUR/JPY free forex signals
Instrument: EUR/JPY
Order Type: BUY STOP
Entry price: 129.20
Stop Loss: 128.53
TP1: 130.09
Our Risk Setting: 1%
Risk / Reward Ratio: 1:1.3
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Saqib Iqbal
