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Forex Trading StrategiesJPY finds strength in Asia
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ Japanese industrial production for Jan. out at 0.4% vs. 0.3% expected.
â€˘ China's Wen says to increase flexibility of yuan. Says there will be no official revaluation.
â€˘ The Fed's Yellen said an inflation objective makes sense for the FOMC, though even without such a target inflation expectations remain well anchored. She also mentioned that the US labor market is close to full employment and that Fed should be cautious to increasing rates.
â€˘ Canadian Q4 capacity utilzation 86.3% vs. 87.1% expected
â€˘ ECB president Trichet, spoke yesterday and commented that G10 central bankers thought signs for global growth were encouraging. He said although there were no second round effects from oil as yet, there was concern that by the time they showed through it would be too late.
THEMES TO WATCH â€“ UPCOMING SESSION
Not much movement in yesterdayâ€™s trading session , likely caused by the absence of any real important data. But today with both German ZEW data, US current account and Feb retail sales we could see ranges greatly increase.
EURUSD still trading in the death zone of 1.2092-1.1825, but expect the data out today to ignite some direction. We see more of a base building on a daily chart, but still need to trading out of the zone to reconsider our general bearish view for this.
USDJPY still bullish, but struggling with offers from Japanese exporters and option related barriers selling interest to protect 119.40-50 barriers.
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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Amazing Trader EVENT RISK Calendar:
Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan
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- POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.
- POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.
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