Our free forex signals service today is a sell trade on the USD/JPY pair.
The USD/JPY pair stands right above a critical support zone, a valid breakdown may activate deeper drop, a larger corrective phase. Still, in the short term, the rate continues to move sideways within a range or a triangle. Escaping from this pattern could bring new opportunities.
Today, the Japanese Leading Indicators indicator was reported lower at 99.7% below 99.9% expected. Tomorrow, the Japanese Average Cash Earnings, Bank Lending, Current Account, Economy Watchers Sentiment and the United States PPI and Core PPI data could be decisive.
3 Free Forex Every Week – Full Technical Analysis
Fed Chair Powell Speaks
Later today, Powell’s remarks at an online conference hosted by the Federal Reserve Board could bring some volatility and high action. Also, don’t forget that the FOMC Evans, Bowman, Williams, and Clarida speeches could have an impact on the USD/JPY.
You’ll have to be careful these days as the US is to release its inflation data on Wednesday. The CPI could register a 0.5% growth in October versus 0.4% in September, while the Core CPI could report a 0.4% growth versus 0.2% in the previous reporting period. These figures are seen as high-impact, so the sentiment could change in the short term.
The USD/JPY pair challenges the 23.6% (113.38) retracement level and the 113.41 static support. It stands on the uptrend line, on the triangle’s support. Making a valid breakdown below these levels and making a new lower low could activate a larger correction.
Free forex signals – SELL USD/JPY at 113.25
Free forex signals entry price and take profit
Instrument: USD/JPY
Order Type: SELL STOP
Entry price: 113.25
Stop Loss: 113.73
TP1: 112.13
My Risk: 1%
Risk / Reward Ratio: 1:8
Looking to trade forex now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Share
