Our free forex signals service trade today is a sell order on the GBP/JPY. The cross will go downside if it fails at the resistance level.
The GBP/JPY pair rebounded as the Japanese Yen futures registered a strong rebound. However, the currency pair remains under selling pressure in the short term despite the current rebound. Technically, the price is in a corrective phase. Still, a larger correction needs confirmation. That’s why we’ll have to wait for a fresh opportunity.
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Yesterday, the Japanese Yen received a helping hand from the Japanese Unemployment Rate dropped unexpectedly from 2.8% to 2.7%. On the other hand, the UK data Net Leading to Individuals and the M4 Money Supply reported better than expected data, while the Mortgage Approvals worsened.
Japanese Retail Sales 0.8% falls
The Japanese Yen took a hit today as Retail Sales registered a 0.8% in February, versus the 0.3% drop expected after a 1.1% growth registered in the last reporting period. Tomorrow, Japan will release its Prelim Industrial Production and the Housing Starts indicators, while the UK Current Account and the Final GDP could shake the price.
Technically, only a new lower low could activate a deeper correction. However, staying above 38.2% (159.40) and above the pivot point may signal that the downside movement ended.
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Free forex signals – Sell GBP/JPY at 158.78
Free forex signals entry price and take-profit
Order Type: SELL STOP
Entry price: 158.78
Stop Loss: 161.57
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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