Our free forex signals service trade today is a sell order on CAD/JPY. The price will go down if the JPY continues its upside correction.
The CAD/JPY pair attempts to rebound as the Japanese Yen futures drop in the short term. However, the bounce-back could be only a temporary one as the bias is bearish.
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Technically, the pair may test the immediate resistance levels before resuming its downside movement. The pair is trading at 99.85 at the time of writing. After its massive drop, minor growth was natural. However, the rebound could bring new short opportunities.
The Japanese Yen received a helping hand from the Unemployment Rate, which dropped from 2.7% to 2.6%, but the Yen remains under pressure. Tomorrow, the BOC Gov Macklem Speaks could bring some action.
BOJ Monetary Policy Meeting
The Bank of Japan is expected to keep its monetary policy unchanged tomorrow. The BOJ Policy Rate publication, Monetary policy Statement BOJ Outlook Report and the BOJ Press Conference could bring high volatility and sharp movements.
From the technical point of view, as long as it stays under the downtrend line, the CAD/JPY pair could resume its downside movement despite temporary rebounds. A new lower low, making a valid breakdown below the pitchfork’s lower median line, could announce more declines.
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Free forex signals – Sell CAD/JPY at 99.37
Free forex signals entry price and take-profit
Instrument: CAD/JPY
Order Type: SELL STOP
Entry price: 99.37
Stop Loss: 100.23
TP1: 98.27
My Risk: 1%
Risk / Reward Ratio: 1:1.3
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