Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Japanese Jibun Bank Manufacturing PMI for January came in at 48.9, the Preliminary Japanese Jibun Bank Services PMI at 52.4, and the Preliminary Japanese Jibun Bank Composite PMI at 50.8. Forex traders can compare this to the Japanese Jibun Bank Manufacturing PMI for December, reported at 48.9, the Jibun Bank Services PMI at 51.1, and the Jibun Bank Composite PMI at 49.7.
The German GfK Consumer Confidence Survey for February is predicted at -33.0. Forex traders can compare this to the German GfK Consumer Confidence Survey for January, reported at -37.8.
The French Business Survey for January is predicted at 102. Forex traders can compare this to the French Business Survey for December, reported at 101.
The Preliminary French S&P Global Manufacturing PMI for January is predicted at 49.6, the Preliminary French S&P Global Services PMI at 49.8, and the Preliminary French S&P Global Composite PMI at 49.5. Forex traders can compare this to the French S&P Global Manufacturing PMI for December, reported at 49.2, the French S&P Global Services PMI at 49.5, and the French S&P Global Composite PMI at 49.1.
The Preliminary German S&P Global Manufacturing PMI for January is predicted at 47.9, the Preliminary German S&P Global Services PMI at 49.6, and the Preliminary German S&P Global Composite PMI at 49.6. Forex traders can compare this to the German S&P Global Manufacturing PMI for December, reported at 47.1, the German S&P Global Services PMI at 49.2, and the German S&P Global Composite PMI at 49.0.
The Preliminary Eurozone S&P Global Manufacturing PMI for January is predicted at 48.5, the Preliminary Eurozone S&P Global Services PMI at 50.2, and the Preliminary Eurozone S&P Global Composite PMI at 49.8. Forex traders can compare this to the Eurozone S&P Global Manufacturing PMI for December, reported at 47.8, the Eurozone S&P Global Services PMI at 49.8, and the Eurozone S&P Global Composite PMI at 49.3.
The forecast for the EUR/JPY remains bullish after this currency pair bounced off its horizontal support area. Short-term bullishness is weak, with the Kijun-sen flat and the Tenkan-sen drifting lower, but the Ichimoku Kinko Hyo Cloud may have ended its gradual step-down. Volatility could rise as bulls and bears fight for control over the next directional move. Traders should monitor the CCI after its created a series of higher lows in extreme oversold territory followed by a double breakout. This technical indicator has plenty of upside potential left. Can bulls continue to push the EUR/JPY toward its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EURJPY remain inside the or breakout above the 141.100 to 142.550 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 141.700
- Take Profit Zone: 145.800 – 146.700
- Stop Loss Level: 140.400
Should price action for the EURJPY breakdown below 141.100, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 140.400
- Take Profit Zone: 137.900 – 139.000
- Stop Loss Level: 141.100
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