Our free forex signals service trade today is a buy order on the USD/JPY pair. The pair seems done with the upside for today.
The USD/JPY price dropped after reaching a dynamic resistance and registered a new high at 115.69. A temporary retreat was somehow expected after its strong rally in the short term. However, it may test the immediate support levels before jumping higher.
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Technically, the pair stands below a strong resistance area. That’s why we need confirmation before taking action.
Fundamentally, the Tokyo Core CPI rose by 0.5%, beating the 0.4% growth expected and 0.2% growth registered in the previous reporting period. Furthermore, yesterday, the Prelim GDP aligned with expectations, while the Unemployment Claims indicator reported better than expected data.
US Durable Goods Orders 1.1% growth estimated
The US dollar remains bullish despite the DXY’s retreat. It remains to see what impact the US data will have later today. The Durable Goods Orders may report a 1.1% growth versus a 0.7% drop in the previous reporting period. Meanwhile, the Core Durable Goods Orders is expected to register a 0.4% growth. In addition, the Core PCE Price Index may report a 0.5% growth.
From the technical point of view, a valid breakout above the descending pitchfork’s upper median line (UML) and a new higher high could announce an upside continuation.
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Free forex signals – Buy USD/JPY at 115.77
Free forex signals entry price and takes profit
Instrument: USD/JPY
Order Type: BUY STOP
Entry price: 115.77
Stop Loss: 115.05
TP1: 116.85
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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