Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Japanese Jobless Rate for February came in at 2.6%, and the Job-to-Applicant Ratio at 1.26. Economists predicted a figure of 2.4% and 1.27. Forex traders can compare this to the Japanese Jobless Rate for January, reported at 2.4%, and the Job-to-Applicant Ratio at 1.27.
Preliminary Japanese Industrial Production for February decreased by 0.1% monthly and 3.4% annualized. Forex traders can compare this to Japanese Industrial Production for January, which plunged by 6.7% monthly and decreased by 1.5% annualized. The Japanese Industrial Production Forecast for March surged by 4.9%, and the Industrial Production Forecast for April rose by 3.3% monthly.
Japanese Retail Sales for February expanded by 1.5% monthly and 4.6% annualized. Forex traders can compare this to Japanese Retail Sales for January, which rose by 0.2% monthly and 2.1% annualized. Large Retailer’s Sales for February surged 8.0% monthly. Forex traders can compare this to Large Retailer’s Sales for January, which increased 3.0% monthly.
Japanese Housing Starts for February plunged by 8.2% annualized, and Construction Orders collapsed by 11.0% annualized. Forex traders can compare this to Japanese Housing Starts for January, which dropped by 7.5% annualized, and Construction Orders, which surged by 9.1% annualized.
French Consumer Spending for February came in flat at 0.0% monthly. Economists predicted a rise of 0.3%. Forex traders can compare this to French Consumer Spending for January, which decreased 0.6% monthly.
The Preliminary French CPI for March increased 0.2% monthly and 2.3% annualized. Economists predicted a rise of 0.5% and 2.6%. Forex traders can compare this to the French CPI for September, which expanded 0.8% monthly and 3.0% annualized. The French Harmonized CPI for March rose 0.3% monthly and 2.4% annualized. Economists predicted a rise of 0.7% and 2.8%. Forex traders can compare this to the French Harmonized CPI for February, which accelerated by 0.9% monthly and 3.2% annualized.
The Preliminary Italian CPI for March is predicted to increase by 0.1% monthly and 1.4% annualized. Forex traders can compare this to the Italian CPI for February, which rose by 0.1% monthly and 0.8% annualized. The Preliminary Italian Harmonized CPI for March is predicted to expand by 1.4% monthly and 1.5% annualized. Forex traders can compare this to the Italian Harmonized CPI for February, which was flat at 0.0% monthly and increased by 0.8% annualized.
The forecast for the EUR/JPY is cautiously bearish after the Kijun-sen flatlined. Short-term volatility could increase with the Tenkan-sen showing signs of entering a sideways trend and the Ichimoku Kinko Hyo moving higher. Traders should also monitor the CCI following its double breakdown from extreme overbought territory and below zero. This technical indicator has plenty of downside potential. Can bears maintain control over the EUR/JPY and force price action into its horizontal support 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 breakdown below the 162.800 to 163.400 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 163.100
- Take Profit Zone: 158.400 – 159.400
- Stop Loss Level: 164.150
Should price action for the EURJPY breakout above 163.400, PaxForex recommends the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 164.150
- Take Profit Zone: 165.350 – 166.000
- Stop Loss Level: 163.400
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