Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final Japanese Jibun Bank Services PMI for October came in at 51.6, and the Final Japanese Jibun Bank Composite PMI at 50.5. Forex traders can compare this to the Japanese Jibun Bank Services PMI for September, reported at 53.8, and the Japanese Jibun Bank Composite PMI, reported at 52.1.
German Factory Orders for September rose by 0.2% monthly. Economists predicted a drop of 1.0%. Forex traders can compare this to German Factory Orders for August, which increased 1.9% monthly.
The Spanish HCOB Services PMI for October is predicted at 49.3. Forex traders can compare this to the Spanish HCOB Services PMI for September, reported at 50.5.
The Italian HCOB Services PMI for October is predicted at 48.5. Forex traders can compare this to the Italian HCOB Services PMI for September, reported at 49.9.
The Final French HCOB Services PMI for October is predicted at 46.1, and the Final French HCOB Composite PMI at 45.3. Forex traders can compare this to the French HCOB Services PMI for September, reported at 44.4, and the French HCOB Composite PMI at 44.1.
The Final German HCOB Services PMI for October is predicted at 48.0, and the Final German HCOB/BME Composite PMI at 45.8. Forex traders can compare this to the German HCOB Services PMI for September, reported at 50.3, and the German HCOB/BME Composite PMI at 46.4.
The Final Eurozone HCOB Services PMI for October is predicted at 47.8, and the Final Eurozone HCOB Composite PMI at 46.5. Forex traders can compare this to the Eurozone HCOB Services PMI for September, reported at 47.8, and the Eurozone HCOB Composite PMI at 46.5.
Eurozone Sentix Investor Confidence for November is predicted at -22.2. Forex traders can compare this to Eurozone Sentix Investor Confidence for October, reported at -21.9.
The forecast for the EUR/JPY turned cautiously bearish after this currency pair advanced into the top range of its horizontal resistance area. The Kijun-sen and the Tenkan-sen have flatlined, suggesting the absence of short-term upside momentum. Following a bullish crossover of the Senkou Span A above the Senkou Span B, the Ichimoku Kinko Hyo Cloud shows a narrow formation and a sideways trend. Traders should also monitor the CCI in extreme overbought territory, where a negative divergence formed. A breakdown below 100 could trigger a price action reversal. Can bears overpower bulls and force the EUR/JPY 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 160.400 to 161.200 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 160.700
- Take Profit Zone: 157.100 – 157.850
- Stop Loss Level: 162.000
Should price action for the EURJPY breakout above 161.200, PaxForex recommends the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 162.00
- Take Profit Zone: 162.750 – 163.250
- Stop Loss Level: 161.200
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