Our free forex signals service trade today is a sell order on the CAD/JPY pair.
The CAD/JPY pair moves somehow sideways on the H4 chart. The price action signaled that the upside is limited and that the sellers could take the lead again soon. The Japanese Yen Futures have managed to rebound and to register a strong rally, further growth could help the Japanese Yen to dominate the currency market again.
Fundamentally, the Japanese Monetary Base registered only an 8.4% growth versus 8.5% expected. Yesterday, the Unemployment Rate and the Final Manufacturing PMI came in better than expected.
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Canadian Building Permits 1.6% Drop Estimated
Later today, the Canadian Building may register a 1.6% drop in December versus 6.8% growth in November. Also, the BOC Gov Macklem Speaks could bring high volatility.
From the technical point of view, the CAD/JPY pair could extend its corrective phase, the downside movement only if it makes a valid breakdown below the red ascending pitchfork’s lower median line. Dropping and stabilizing below the 50% retracement level could open the door for a deeper drop. Its failure to come back to test and retest the upper median line (UML) of the descending pitchfork.
Free forex signals – Sell CAD/JPY at 89.52
Free forex signals entry price and takes profit
Instrument: CAD/JPY
Order Type: SELL STOP
Entry price: 89.52
Stop Loss: 90.92
TP1: 87.40
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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