Our free forex signals service trade today is a buy order on the GBP/JPY pair.
The GBP/JPY pair moves sideways within a symmetrical triangle. Escaping from this pattern could bring new opportunities. The currency pair stands above a strong demand zone, a major bullish pattern could announce a new leg higher. In the short term, the pair remains under strong bearish pressure, so we’ll have to wait for strong confirmation before considering going long.
3 Free Forex Every Week – Full Technical Analysis
The GBP/JPY pair slipped lower only because the Japanese Yen Futures rebounded. Fundamentally, the Japanese economic data reported worse than expected figures yesterday.
Today, the Japanese Prelim Machine Tool Orders was reported at 64.0% below 81.5% in the previous reporting period, the BSI Manufacturing Index raised from 7.0 to 7.9 points even if the specialists expected a potential drop to 5.3 points. In addition, the M2 Money Stock registered only a 4.0% growth versus 4.1% expected.
UK Gross Domestic Product
The British Pound needs strong support to be able to take the lead. Tomorrow, the Uk GDP is expected to report a 0.4% growth, Industrial Production could surge by 0.1%, while Manufacturing Production may report a 0.2% growth. Moreover, the Consumer Inflation Expectations, Index of Services, Goods Trade Balance, and the Construction Output will be released as well.
Technically, the pair reached the uptrend line and it continues to stay above the 149.45 – 149.20 support area. A valid breakout through the outside sliding line (sl) and above the weekly pivot point 150.01 could announce strong upwards movement.
Free forex signals – BUY GBP/JPY at 150.37
Free forex signals entry price and takes profit
Instrument: GBP/JPY
Order Type: BUY STOP
Entry price: 150.37
Stop Loss: 148.90
TP1: 153.03
My Risk: 1%
Risk / Reward Ratio: 1:1.8
Looking to trade forex now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Share
