SIGNAL FOREX

Free Forex Signal and Forecast: Buy GBP/JPY – 14 July 2021 – Forex Crunch


Our free forex signal service today looks at the GBP/JPY pair and we have the entry, stop and take profits levels for you.

Reinforcing its exposure through bullish dominance, the GBP/JPY pair moved above 151.80 to provide additional support against bullish trades and stopped at 153.00, adding to the ongoing positive sentiment, which could hit 154.50 and then 156.10.

The risk of a trend reversal would arise if the price were exposed to a strong negative pressure, which would cause it to slide below 151.80 in anticipation of further attempts at downward correction, which could initially hit the 149.70 mark.

The expected trading range for today is between 152.35 and 154.50.

The expected trend today is clearly bullish.

Data releases can further boost the GBP/JPY price

UK CPI data is due on the day that may impact the directional bias in the pair. Due to lower-than-expected GDP figures, we can expect the UK CPI to print lower than expected numbers. However, it seems like the market has already priced in dismal data effects.

According to news sources, Japan fears supply chain disruptions due to the resurgence of Covid in countries such as Malaysia and Indonesia. The Asian major is already heavily criticized for hosting the Olympics when the country is hit by the pandemic.

Looking ahead, Japanese industrial production in May, which is expected to remain unchanged at 22.0%, could provide immediate volatility for the GBP/JPY pair ahead of the UK CPI, which is expected to reach 2.2 % versus 2.1% direction in June. Furthermore, in the hope of increasing price pressure on the UK economy, the Bank of England may consider a recent cautious outlook, which could lead to higher prices for the GBP/JPY. However, risk catalysts like Brexit and Covid are becoming increasingly important to keep an eye on the short-term direction.

Let’s check out our free forex signal.

GBP/JPY forex signal

Instrument: GBP/JPY
Order: BUY STOP
Entry price: 153.55
Stop Loss: 152.24
TP1: 156.00

Recommended Risk: 1%
Risk / Reward Ratio: 1:1.87

Signal validity period: Good until cancelled

Looking to trade forex now? Invest at eToro!

67% 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.

Get the 5 most predictable currency
pairs

Adblock test (Why?)


Scalping Strategy Course (DVD + Online) - $299.00

In the much anticipated Forex Scalping Strategy Course, Vic and Sarid show you short-term focused techniques and strategies to make quicker profits while reducing market exposure.




Forexmentor Coach's Corner First Month (Online) - $149.00

The Coach's Corner offers 2 live sessions per week, an integrated approach to trading, FREE access to the VicTrade video course and Darko's Pattern Trading Video Lessons.



Source link

Have your say