Today’s free forex signals include the USD/JPY. We have brought you a trade call with entry and exit along with the rationale behind the signal. The USD/JPY pair dropped a little in the short term, but this could be only a temporary drop. The rate could test and retest the immediate support levels before jumping higher. The price dropped as the Dollar Index has found resistance, and it has slipped lower while the Yen was boosted by the Japanese Yen Futures rebound.
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Yesterday, the Yen received support from the Japanese PPI, which registered an 8.0% growth. Technically, a temporary decline was expected after its recent swing higher. However, a minor retreat could bring more buyers into the game.
US Prelim UoM Consumer Sentiment Expected At 72.5
The USD is still bullish after the US reported higher than expected inflation. The Federal Reserve could be forced to hike rates sooner than expected. That’s why the greenback rallied. Today, the Prelim UoM Consumer Sentiment is expected to grow from 71.7 points to 72.5 points which could be good for the USD. Also, the JOLTS Job Openings indicator could be reported lower at 10.02M.
From the technical point of view, the USD/JPY pair found resistance at 114.27 level and now is trading back below the down trendline. A valid breakout above the down trendline and registering a new higher high could activate an upside continuation.
Free forex signals – BUY USD/JPY at 114.44
Free forex signals entry price and takes profit
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Instrument: USD/JPY
Order Type: BUY STOP
Entry price: 114.44
Stop Loss: 113.67
TP1: 115.53
My Risk: 1%
Risk / Reward Ratio: 1: 1.4
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Saqib Iqbal
