Our free forex signals service trade today is a buy order on the USD/JPY pair.
The USD/JPY pair has been moving sideways in the short term after reaching a strong resistance zone. The current range could represent a continuation pattern. In the short term, USD/JPY could move sideways trying to accumulate more bullish energy before resuming its upwards movement.
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It’s trapped within an up channel, so the bias remains bullish. After its amazing rally, a temporary decline of a consolidation is natural and it was expected.
Unfortunately for the JPY, the Japanese Revised Industrial Production registered a 3.6% drop versus 3.2% expected.
United States PPI on tap
The USD dropped as the Dollar Index plunged. Better than expected US economic figures today and tomorrow could help the greenback to rebound. The US is to release the PPI, the Core PPI, and the Unemployment Claims today.
The Jobless Claims are expected to drop from 326K to 315K in the previous week, while the PPI is expected to register a 0.6% growth in September versus 0.7% in August. Tomorrow, the US retail sales could bring high volatility into the markets.
The 250% Fibonacci line stands as a dynamic resistance. Making a valid breakout through this obstacle could activate an upside continuation. Also, the Yen could resume its depreciation if the Japanese stock index, the Nikkei, jumps higher. Technically, if the USD/JPY stays near the 250% Fibonacci line, an upside breakout is imminent.
Free forex signals – BUY USD/JPY at 113.65
Free forex signals entry price and take profit
Instrument: USD/JPY
Order Type: BUY STOP
Entry price: 113.65
Stop Loss: 112.91
TP1: 114.62
My Risk: 1%
Risk / Reward Ratio: 1:1.3
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