Here are the key factors to keep in mind today for Euro trades:
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for January is predicted at 50.0. Forex traders can compare this to the French Markit Manufacturing PMI for for December which was reported at 49.7. The Preliminary French Markit Services PMI for January is predicted at 50.5. Forex traders can compare this to the French Markit Services PMI for for December which was reported at 49.0. The Preliminary French Markit Composite PMI for January was reported at 51.0. Forex traders can compare this to the French Markit Composite PMI for for December which was reported at 48.7.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for January is predicted at 51.4. Forex traders can compare this to the German Markit Manufacturing PMI for for December which was reported at 51.5. The Preliminary German Markit Services PMI for January is predicted at 52.5. Forex traders can compare this to the German Markit Services PMI for for December which was reported at 51.8. The Preliminary German Markit Composite PMI for January is predicted at 51.9. Forex traders can compare this to the German Markit Composite PMI for for December which was reported at 51.6.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for January is predicted at 51.3. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for December which was reported at 51.4. The Preliminary Eurozone Markit Services PMI for January is predicted at 51.5. Forex traders can compare this to the Eurozone Markit Services PMI for for December which was reported at 51.2. The Preliminary Eurozone Markit Composite PMI for January is predicted at 51.4. Forex traders can compare this to the Eurozone Markit Composite PMI for for December which was reported at 51.1.
- ECB Rate Decision: The ECB is predicted to keep its Interest Rate at 0.00%, its Deposit Facility Rate at -0.40% and its Marginal Lending Facility Rate at 0.25%; this would equal no change in the ECB rate policy from the previous meeting.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for the period ending January 18th was reported at ¥822.9B and Japanese Buying Foreign Stocks was reported at -¥280.3B. Forex traders can compare this to Japanese Buying Foreign Bonds for the period ending January 11th which was reported at ¥2,209.9B and to Japanese Buying Foreign Stocks which was reported at -¥172.5B. Foreign Buying Japanese Bonds for the period ending January 18th was reported at -¥26.6B and Foreigners Buying Japanese Stocks was reported at -¥66.7B. Forex traders can compare this to Foreign Buying Japanese Bonds for the period ending January 11th which was reported at ¥711.7B and to Foreigners Buying Japanese Stocks which was reported at -¥428.2B.
- Japanese Nikkei Manufacturing PMI: The Preliminary Japanese Nikkei Manufacturing PMI for January was reported at 50.0. Forex traders can compare this to the Japanese Nikkei Manufacturing PMI December which was reported at 52.6.
- Japanese Leading Index and Japanese Coincident Index: The Final Japanese Leading Index for November was reported at 99.1 and the Final Japanese Coincident Index was reported at 102.9. Forex traders can compare this to the previous Japanese Leading Index for November which was reported at 99.3 and to the previous Japanese Coincident Index which was reported at 103.0.
Should price action for the EURJPY remain inside the or breakout above the 124.500 to 125.000 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 124.800
- Take Profit Zone: 126.350 – 127.000
- Stop Loss Level: 123.400
Should price action for the EURJPY breakdown below 124.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 124.200
- Take Profit Zone: 122.600 – 123.500
- Stop Loss Level: 124.800
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