Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Japanese Jibun Bank Manufacturing PMI for September came in at 49.6, and the Preliminary Japanese Jibun Bank Services PMI was at 53.9. Forex traders can compare this to the Japanese Jibun Bank Manufacturing PMI for August, reported at 49.8, and the Japanese Jibun Bank Services PMI at 53.7.
The German IFO Business Climate Index for September is predicted at 86.1, the German IFO Current Assessment Index at 86.1, and the German IFO Expectations Index at 86.3. Forex traders can compare this to the German IFO Business Climate Index for August, reported at 86.6, the German IFO Current Assessment Index at 86.5, and the German IFO Expectations Index at 86.8.
The forecast for the EUR/JPY turned cautiously bearish after this currency pair advanced into its horizontal resistance area. The Kijun-sen and the Tenkan-sen have flatlined after a bearish crossover, suggesting more short-term volatility ahead. The Senkou Span A of the Ichimoku Kinko Hyo Cloud continues to shift lower, widening the gap to the flat Senkou Span B. Traders should also monitor the CCI in extreme oversold territory. A breakdown below 100 could trigger the next leg lower. Can bears regain control over the EUR/JPY and force price action into its horizontal support area and a fresh 2024 low? 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 159.500 to 160.600 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 160.000
- Take Profit Zone: 155.150 – 156.650
- Stop Loss Level: 161.200
Should price action for the EURJPY break out above 160.600, PaxForex recommends the following trade setup is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 161.200
- Take Profit Zone: 162.900 – 163.900
- Stop Loss Level: 160.600
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
