Our free forex signals service trade today is a buy order on the EUR/JPY pair.
The EUR/JPY pair is trading in the green at the time of writing. The pair stands at 132.52 level right below 132.60 static resistance.
As you already know, the pair was into a corrective phase in the short term. Technically, the price action signalled that the retreat could be over and that the rate could turn to the upside.
In the short term, we have to wait for confirmation before considering going long. JP225, the Nikkei, has found support and it seems ready to climb higher. A potential growth registered by the Japanese stock index could announce that the Yen could depreciate versus its rivals.
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German ifo Business Climate
The EUR/JPY pair slipped lower again after the German ifo Business Climate was reported at 97.7 points in October far below 98.2 expected and compared to 98.9 in September. Tomorrow, the BOJ Core CPI could bring more volatility. The indicator is expected to rise by 0.3%.
As you can see on the h4 chart, the EUR/JPY pair failed to stay within the descending pitchfork’s body and to stabilize under 132.14 former low signalling strong buyers. The 132.60 today’s high is seen as an important static resistance.
Jumping and closing above it may signal further growth ahead. Personally, I believe that stabilizing above the ascending pitchfork’s median line (ml) followed by a new higher high could activate potential growth.
Free forex signals – BUY EUR/JPY at 132.73
Free forex signals entry price and take profit
Instrument: EUR/JPY
Order Type: BUY STOP
Entry price: 132.73
Stop Loss: 131.97
TP1: 134.10
My Risk: 1%
Risk / Reward Ratio: 1:1.8
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