Our free forex signals service trade today is a sell order on the USD/JPY pair.
The USD/JPY pair moves somehow sideways in the short term. It’s traded at 114.05 level at the time of writing. The bias remains bearish despite the current rebound.
In the short term, it could test and retest the immediate resistance levels before extending its downside movement. Still, we need confirmation before considering going short.
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Today, the Japanese BOJ Core CPI reported a 0.9% growth versus 0.7% growth expected and versus 0.8% growth in the previous reporting period. Surprisingly or not, the USD/JPY pair bounced back even if the US Flash Services PMI and the Flash Manufacturing PMI came in worse than expected yesterday.
On the other hand, the Japanese Manufacturing PMI was reported at 54.6 points below 55.0 expected. In the short term, the Japanese currency depreciated a little only because the Japanese Yen Futures retreated.
US CB Consumer Confidence 111.4 Expected
The USD rallies at the time of writing as the DXY edges higher. It remains to see how it will react later after the US CB Consumer Confidence will be released. The indicator could drop from 115.8 to 111.4 points.
Technically, this could be only a temporary rebound. Staying below the downtrend line and making a new low could confirm more declines.
Free forex signals – SELL USD/JPY at 113.32
Free forex signals entry price and takes profit
Instrument: USD/JPY
Order Type: SELL STOP
Entry price: 113.32
Stop Loss: 114.51
TP1: 111.71
My Risk: 1%
Risk / Reward Ratio: 1:1.35
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