Our free forex signals service trade today is a buy order on the EUR/JPY pair.
The EUR/JPY pair dropped a little but it seems that the retreat is over. The correction could be only a temporary one before jumping higher. Technically, the bias is still bullish, the price could climb towards fresh new highs after ending its current drop.
The Japanese Yen appreciated a little today even if the Japanese data was disappointing. The Tokyo Core CPI registered only a 0.1% growth compared to 0.3% expected, while the Prelim Industrial Production plunged by 5.4% more versus a 2.8% drop forecasted. Also, the Consumer Confidence and the Housing Starts have come in worse than expected, so JPY’s depreciation is favored.
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Euro Boosted By Economic Data
On the other hand, Euro could start increasing again after some good Euro-zone data. The Prelim Flash GDP rose by 2.2% compared to 2.1% expected, the CPI Flash Estimate registered a 4.1% growth beating 3.7% estimates, while the Core CPI Flash Estimate jumped higher by 2.1% versus 1.9% forecasts. Also, the Italian Prelim CPI, Italian Prelim GDP, French Prelim CPI, and the French Flash GDP come in better than expected.
Technically, after escaping from the down channel pattern, EUR/JPY was expected to grow. After its most recent rally, a temporary decline was somehow expected. Now is fighting hard to stabilize above the weekly pivot 132.50. Staying above it and jumping above 132.69 could announce potential upside continuation.
Free forex signals – BUY EUR/JPY at 132.77
Free forex signals entry price and take profit
Instrument: EUR/JPY
Order Type: BUY STOP
Entry price: 132.77
Stop Loss: 132.35
TP1: 133.48
My Risk: 1%
Risk / Reward Ratio: 1:1.67
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