Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Permanent/Long-Term Migration for October was reported at 814. Forex traders can compare this to Permanent/Long-Term Migration for September, reported at 567. External Migration & Visitors for October decreased 27.3% monthly. Forex traders can compare this to External Migration & Visitors for September, which decreased 58.1% monthly.
The Tankan Large Manufacturers Index for the fourth quarter was reported at 18. Economists predicted a figure of 19. Forex traders can compare this to the Tankan Large Manufacturers Index for the third quarter, reported at 18. The Tankan Large Manufacturers Outlook for the fourth quarter was reported at 13. Economists predicted a figure of 19. Forex traders can compare this to the Tankan Large Manufacturers Outlook for the third quarter, reported at 14. The Tankan Large Non-Manufacturers Index for the fourth quarter was reported at 9. Economists predicted a figure of 6. Forex traders can compare this to the Tankan Large Non-Manufacturers Index for the third quarter, reported at 2. The Tankan Large Non-Manufacturers Outlook for the fourth quarter was reported at 8. Economists predicted a figure of 10. Forex traders can compare this to the Tankan Large Non-Manufacturers Outlook for the third quarter, reported at 3. The Tankan Small Manufacturers Index for the fourth quarter was reported at -1. Economists predicted a figure of -3. Forex traders can compare this to the Tankan Small Manufacturers Index for the third quarter, reported at -3. The Tankan Small Manufacturers Outlook for the fourth quarter was reported at -1. Economists predicted a figure of -2. Forex traders can compare this to the Tankan Small Manufacturers Outlook for the third quarter, reported at -4. The Tankan Small Non-Manufacturers Index for the fourth quarter was reported at -4. Economists predicted a figure of -6. Forex traders can compare this to the Tankan Small Non-Manufacturers Index for the third quarter, reported at -10. The Tankan Small Non-Manufacturers Outlook for the fourth quarter was reported at -6. Economists predicted a figure of -5. Forex traders can compare this to the Tankan Small Non-Manufacturers Outlook for the third quarter, reported at -13. The Japanese Tankan Large All Industry Capex Index for the fourth quarter increased 9.3% quarterly. Economists predicted an increase of 9.8% quarterly. Forex traders can compare this to the Japanese Tankan Large All Industry Capex Index for the third quarter, which increased 10.1% quarterly. The Japanese Tankan Small All Industry Capex Index for the fourth quarter increased 5.1% quarterly. Economists predicted an increase of 7.0% quarterly. Forex traders can compare this to the Japanese Tankan Small All Industry Capex Index for the third quarter, which increased 4.7% quarterly.
The forecast for the NZD/JPY remains bearish amid growing economic uncertainty and the ongoing rise in inflation. Price action entered a minor reversal off support, but the Kijun-sen and the Tenkan-sen turned sideways, confirming the lack of bullish momentum. Intensifying the bearish outlook is the Ichimoku Kinko Hyo Cloud after the Senkou Span A crossed below the Senkou Span B. Traders should monitor the CCI after it exited extreme oversold territory and move above -100 but turned flat. It is likely to drop below -100 again, offering a final sell signal. Can bears maintain control over the NZD/JPY and force it 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 NZD/JPY remain inside the or breakdown below the 76.700 to 77.550 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 77.00
- Take Profit Zone: 73.650 – 74.550
- Stop Loss Level: 77.900
Should price action for the NZD/JPY breakout above 77.550, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 77.900
- Take Profit Zone: 79.000 – 79.400
- Stop Loss Level: 77.550
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