Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Permanent/Long-Term Migration for August was reported at 1,133. Forex traders can compare this to Permanent/Long-Term Migration for July, reported at -172. Visitor Arrivals for August increased by 104.7% monthly, and External Migration & Visitors decreased by 96.9% monthly. Forex traders can compare this to Visitor Arrivals for July, which increased by 8.8% monthly, and to External Migration & Visitors, which decreased by 98.5% monthly.
Japanese Bank Lending for September increased by 6.4% annualized. Forex traders can compare this to Japanese Bank Lending for August, which increased by 6.7% annualized. The Japanese PPI for September decreased by 0.2% monthly and 0.8% annualized. Economists predicted a decrease of 0.2% and 0.5% annualized. Forex traders can compare this to the Eurozone PPI for August, which increased by 0.1% monthly, and which decreased by 0.6% annualized. Japanese Core Machine Orders for August increased by 0.2% monthly and decreased by 15.2% annualized. Economists predicted a decrease of 1.0% and 15.6%. Forex traders can compare this to Japanese Core Machine Orders for July, which increased by 6.3% monthly, and which decreased by 16.2% annualized.
The forecast for the NZD/JPY turned bearish after failing to advance above its downward sloping Ichimoku Kinko Hyo Cloud. The Kijun-sen is descending, while the Tenkan-sen advances, and a crossover can add to short-term selling pressure, with the CCI in extreme overbought conditions. Will the accelerating Covid-19 pandemic boost safe-haven demand for the Japanese Yen and force a sell-off in price action? 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 70.000 to 70.500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 70.250
- Take Profit Zone: 68.600 – 69.000
- Stop Loss Level: 70.750
Should price action for the NZD/JPY breakout above 70.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 70.750
- Take Profit Zone: 71.200 – 71.500
- Stop Loss Level: 70.500
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