Our free forex signals service trade today is a sell order on USD/JPY. The price will go down if the JPY continues its upside correction.
The USD/JPY pair is trading in the red at 127.90 at the time of writing. In the short term, it moves sideways. The price action signaled that the buyers are exhausted, and the sellers might take the lead.
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Still, we need strong confirmation before taking action. The Dollar Index remains bullish, while the Japanese Yen futures could register a temporary rebound.
Yesterday, the Japanese SPPI reported a 1.3% growth versus 1.2% expected and 1.1% growth in the previous reporting period. Today, the Unemployment Rate dropped unexpectedly from 2.7% to 2.6%, even if the traders expected the indicator to remain steady at 2.7%, while the BOJ Core CPI rose by 1.1%, matching expectations.
US Durable Goods Orders 1.0% expected
Fundamentally, the US data could be decisive later today. For example, the Durable Goods Orders may report a 1.0% growth, Core Durable Goods Orders could register a 0.5% growth, while the CB Consumer Confidence is expected to jump from 107.2 to 108.5 points.
From the technical point of view, staying below the up-channel’s support and making a new lower low could activate more declines.
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Free forex signals – Sell USD/JPY at 127.22
Free forex signals entry price and take-profit
Instrument: USD/JPY
Order Type: SELL STOP
Entry price: 127.22
Stop Loss: 128.70
TP1: 124.98
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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