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Our free forex signals service trade today is a buy order on the USD/JPY. The pair will go upside if it finds a bounce off from the support level.

The USD/JPY pair moves sideways in the short term. The current range could present an upside continuation pattern. The price tries to accumulate more bullish energy before resuming its growth.

After its strong rally, temporary declines are natural. However, a minor drop or a sideways movement could help the buyers catch new long opportunities. The Dollar Index remains bullish after the FOMC Meeting Minutes, while the Japanese Yen futures maintain a bearish bias.

Today, the Japanese Leading Indicators indicator was reported at 100.9%, matching expectations but lower than 102.5% in the last reporting period. Tomorrow, Japan will release its Current Account, Consumer Confidence, and the Economic Watchers Sentiment.

US Unemployment Claims 201K expected

The US is to release the Unemployment Claims later today. The indicator could be reported at 201K in the last week, below 202K in the previous reporting period. Technically, the bias remains bullish as long as it stays above the immediate uptrend.

A new higher high could activate an upside continuation. On the other hand, further growth could be invalidated by a valid breakdown below the uptrend line and by a new lower low. Therefore, a 125.11 higher high is seen as a potential upside target if the rate resumes growth.

Free forex signals – Buy USD/JPY at 124.11

usd/jpy free forex signals

Free forex signals entry price and take-profit

Instrument: USD/JPY

Order Type: BUY STOP

Entry price: 124.11

Stop Loss: 123.31

TP1: 125.31

My Risk: 1%

Risk / Reward Ratio: 1:1.5