Our free forex signals service trade today is a buy order on the USD/JPY pair.
The USD/JPY pair moves somehow sideways in the short term. It seems undecided, so we’ll have to wait for the rate to escape from this pattern before taking action on this market.
Personally, I believe that the current range formation could bring new trading opportunities. The USD is fighting hard to take the lead again as the DXY stays higher even if the US Non-Farm Payrolls indicator was reported at 210K in November versus 553K expected and compared to 546K in the previous reporting period.
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Japanese Yen Futures Double Top!
The USD/JPY pair started to grow as the Yen was punished by a sell-off registered by the Japanese Yen Futures. Technically, the Yen Futures developed a potential Double Top pattern. This could activate a strong drop which could signal that the Yen could depreciate versus its rivals.
Tomorrow, the Japanese Average Cash Earnings is expected to report a 0.4% growth versus 0.2% in the previous reporting period, the Household Spending could register a 0.6% drop, while the Leading Indicators could jump to 102.9% from 100.9%.
Technically, the currency pair has found support on the 112.72 level. It has failed to reach and retest the 112.52 signaling strong upside pressure. Jumping, closing, and stabilizing above the descending pitchfork’s median line (ml) may signal an upside reversal.
Free forex signals – BUY USD/JPY at 113.99
Free forex signals entry price and takes profit
Instrument: USD/JPY
Order Type: BUY STOP
Entry price: 113.99
Stop Loss: 112.48
TP1: 116.00
My Risk: 1%
Risk / Reward Ratio: 1:1.3
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