Source: PaxForex Premium Analytics Portal, Fundamental Insight
Foreign Buying of Japanese Bonds for the period ending November 15th came in at -¥966.9B, and Foreigners Buying of Japanese Stocks at ¥127.6B. Forex traders can compare this to Foreign Buying of Japanese Bonds for the period ending November 8th, reported at ¥1,724.6B, and to Foreigners Buying of Japanese Stocks at ¥514.2B.
US Initial Jobless Claims for the week of November 11th are predicted at 220K. Forex traders can compare this to US Initial Jobless Claims for the week of November 4th, reported at 217K.
The Philadelphia Fed Manufacturing Index for November is predicted at 6.3. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for October, reported at 10.3. Traders should focus on the CAPEX, Prices Paid, New Orders, and Employment sub-components.
US Existing Home Sales for October are predicted at 3.94M. Forex traders can compare this to US Existing Home Sales for September, reported at 3.84M.
The US Leading Index for October is predicted to drop 0.3% monthly. Forex traders can compare this to the US Leading Index for September, which decreased 0.5% monthly.
The forecast for the USD/JPY has turned cautiously bearish after this currency pair advanced into its horizontal resistance area with fading bullishness. The Kijun-sen and the Tenkan-sen show signs of upside exhaustion, confirming fading upside pressure. The Senkou Span A of the Ichimoku Kinko Hyo Cloud is moving higher with the Senkou Span B flat, widening the cloud and suggesting more medium-term volatility ahead. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator has plenty of downside potential, and a move below zero could trigger the next wave of sell orders. Can bears regain control over the USD/JPY and force price action 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 154.500 to 155.350 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 154.900
- Take Profit Zone: 149.500 – 150.650
- Stop Loss Level: 144.500
Should price action for the USDJPY break out above 155.350, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 155.900
- Take Profit Zone: 156.750 – 157.500
- Stop Loss Level: 155.350
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
