Our free forex signals service trade today is a sell order on the GBP/JPY cross. The pair stands below a major supply zone.
The GBP/JPY cross is trading around 155.90 area at the time of writing. The price is struggling hard to rebound after reaching the uptrend line. In the short term, it may remain sideways before deciding any direction. The JPY appreciated the short term as the Japanese Yen Basket rallied aid risk aversion. Yesterday, the UK economic data came in mixed. The Flash Services PMI was reported at 60.8 points versus 55.6 expected, while Flash Manufacturing PMI remained at 57.3 points even if the specialists expected a potential drop to 57.2.
Today, the UK Public Sector Net Borrowing was reported at -3.7B versus -4.3B estimates, while the CBI Industrial Order Expectations came in at 20 points versus 25 expected.
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BOJ Core CPI 0.8%
The Yen needs strong support to take full control and dominate the currency market. Also, the SPPI rose by 1.2%, matching expectations.
Technically, the exchange rate is struggling to rebound after reaching the up trendline. Therefore, a valid breakdown and a new lower low could activate a larger drop. On the other hand, the downside scenario could be invalidated if the rate stays above the uptrend line.
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Free forex signals – Sell GBP/JPY at 155.03
Free forex signals entry price and takes profit
Instrument: GBP/JPY
Order Type: SELL STOP
Entry price: 155.03
Stop Loss: 156.84
TP1: 152.31
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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