Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Tankan Large Manufacturers Index for the first quarter came in at 1, and the Tankan Large Manufacturers Outlook at 3. Economists predicted a figure of 3 and 4. Forex traders can compare this to the Tankan Large Manufacturers Index for the fourth quarter, reported at 7, and the Tankan Large Manufacturers Outlook at 6. The Tankan Large Non-Manufacturers Index for the first quarter was reported at 20, and the Tankan Large Non-Manufacturers Outlook at 15. Economists predicted a figure of 20 and 16. Forex traders can compare this to the Tankan Large Non-Manufacturers Index for the fourth quarter, reported at 19, and the Tankan Large Non-Manufacturers Outlook at 11. The Tankan Small Manufacturers Index for the first quarter came in at -6, and the Tankan Small Manufacturers Outlook at -4. Economists predicted a figure of -6 and -6. Forex traders can compare this to the Tankan Small Manufacturers Index for the fourth quarter, reported at -2, and the Tankan Small Manufacturers Outlook at -5. The Tankan Small Non-Manufacturers Index for the first quarter came in at 8, and the Tankan Small Non-Manufacturers Outlook at 3. Economists predicted a figure of 7 and 1. Forex traders can compare this to the Tankan Small Non-Manufacturers Index for the fourth quarter, reported at 6, and the Tankan Small Non-Manufacturers Outlook at -1. The Japanese Tankan Large All Industry Capex Index for the first quarter increased by 3.2% quarterly, and the Japanese Tankan Small All Industry Capex Index by 1.4% quarterly. Economists predicted a rise of 4.9% and a decrease of 9.0%. Forex traders can compare this to the Japanese Tankan Large All Industry Capex Index for the fourth quarter, which expanded by 19.3% quarterly, and the Japanese Tankan Small All Industry Capex Index by 3.8% quarterly.
The Final Japanese Jibun Bank Manufacturing PMI for March came in at 49.2. Economists predicted a figure of 48.6. Forex traders can compare this to the Japanese Jibun Bank Manufacturing PMI for February, reported at 48.6.
US Construction Spending for February is predicted to decrease by 0.1% monthly. Forex traders can compare this to US Construction Spending for January, which contracted by 0.2% monthly.
The Final US S&P Global Manufacturing PMI for March is predicted at 49.3. Forex traders can compare this to the US S&P Global Manufacturing PMI for February, reported at 47.3.
The US ISM Manufacturing Index for March is predicted at 47.5, and ISM Prices Paid at 51.2. Forex traders can compare this to the US ISM Manufacturing Index for February, reported at 47.7, and ISM Prices Paid at 51.3. ISM Employment Index for March is predicted at 50.0. Forex traders can compare this to ISM Employment Index for February, reported at 49.1. ISM New Orders for March are predicted at 49.0. Forex traders can compare this to ISM New Orders for February, reported at 47.0.
The forecast for the USD/JPY turned cautiously bearish after this currency pair moved into the lower band of its horizontal resistance area, enforced by its flat Kijun-sen. Volatility could rise with the Tenkan-sen drifting higher while the Ichimoku Kinko Hyo Cloud narrows, moving closer to a bearish crossover. Traders should also monitor the CCI after this technical indicator has moved into extreme overbought territory with limited upside potential. Can bears overpower bulls and force the USD/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 USDJPY remain inside the or breakdown below the 133.000 to 133.800 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 133.550
- Take Profit Zone: 129.650 – 130.650
- Stop Loss Level: 134.200
Should price action for the USDJPY breakout above 133.800, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 134.200
- Take Profit Zone: 134.800 – 135.400
- Stop Loss Level: 133.800
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