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Forex Trading StrategiesMost pairs still range bound despite Friday's data.
Not much help for the JPY despite last night's data. EURJPY could be a good pair to watch as the 141.65 break could interest more buyers.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ Japanese GPD Q4 out at 1.3% vs. 1.2%. GDP deflator Q4 5.4% vs. 5.0% expected.
â€˘ Japanese current account 719.1B vs. 658.6B expected.
â€˘ Japanâ€™s consumer confidence for Feb. aÂ´t 49.9 vs. 49.8 expected
â€˘ BoJâ€™s Mizuno says policy to be forward looking from now and they should monitor risk of excessive economic expectations.
â€˘ US non farm payrolls out Friday, 243k vs. 210k expected and employment rate at 4.8% vs. 4.7% expected.
THEMES TO WATCH â€“ UPCOMING SESSION
A lot of data out last week and again tonight, in the Asian trading zone, but are left feeling slightly disappointed as the major currency pairs stay range bound.
USDJPY stays quiet overnight despite GDP revisions slightly stronger than expected, but the focus in the market was last week's decision by BoJ to keep rates close to zero short term. With the yield in focus we should see JPY weaken despite the choppy roads ahead for USDJPY.
EURUSD stays in a death zone, despite US non farm and we will play the 1.2092-1.1825 range until we see a break. GBPUSD was about the only thing worth watching Friday as it broke 1.7280 and could find much more downside if the week ahead shows dollar strength.
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur
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