Our free forex signals service trade today is a buy order on the EUR/JPY pair.
The EUR/JPY pair moves sideways in the short term. An upside breakout from this range could signal an upwards movement. Technically, after its recent sell-off, the pair could develop a new leg higher.
The Japanese Yen could lose significant ground versus its rivals as the Japanese Yen Futures signaled a deeper drop. Fundamentally, the Euro received a helping hand from the German ZEW Economic Sentiment and from the Euro-zone ZEW Economic Sentiment in yesterday’s session.
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Japanese Final GDP -0.9%
On the other hand, the Japanese Yen was punished by some poor economic figures today. The Final GDP registered a 0.9% drop compared to the 0.8% estimates. Moreover, the Economy Watchers Sentiment, Final GDP Price Index, and the Bank Lending came in worse than expected as well.
From the technical point of view, the EUR/JPY pair jumped above the downtrend line. It has retested it, and now it tries to climb towards fresh new highs. Making a valid breakout above the immediate minor downtrend line and above the weekly R1 (128.40) could activate a larger growth after its major downtrend.
The pair has found support above the 127.48, its failure to make a new lower low signaled that the downside is over.
Free forex signals – BUY USD/CHF at 0.9259
Free forex signals entry price and takes profit
Instrument: EUR/JPY
Order Type: BUY STOP
Entry price: 128.66
Stop Loss: 127.36
TP1: 130.75
My Risk: 1%
Risk / Reward Ratio: 1:1.6
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