Our free forex signals service today is a sell trade on the GBY/JPY pair.
The GBP/JPY pair is trading in the green at the time of writing, with the pair is still trapped within an up channel. The chart formation could represent a bearish pattern, that’s why I’m looking for short opportunities.
Fundamentally, the Japanese Yen received a helping hand from the Japanese economic data earlier today. The Unemployment Rate rose by 2.7% versus 2.8% expected and compared to 2.8% in the previous reporting period. In addition, the Final Manufacturing PMI jumped from 54.6 to 55.4 points signaling expansion.
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UK Final Manufacturing PMI 57.3
In the short term, the British Pound is still strong. Earlier, the Final Manufacturing PMI was reported at 57.3 above 56.9 expected, Mortgage Approvals raised unexpectedly from 67K to 71K, while the Net Lending to Individuals came in better than expected.
From the technical point of view, a valid breakdown from the up channel pattern could activate a strong downside movement. The rebound could be only a temporary one. The GBP/JPY pair could extend its growth only if it stays above the uptrend line. A valid breakout above the weekly R1 (155.20) could invalidate the downside scenario.
Free forex signals – Sell GBP/JPY at 153.75
Free forex signals entry price and takes profit
Instrument: GBP/JPY
Order Type: SELL STOP
Entry price: 153.75
Stop Loss: 155.43
TP1: 150.39
My Risk: 1%
Risk / Reward Ratio: 1:2
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