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Forex Trading StrategiesJPY weaker after Japanese Trade balance
Also in Japan, BOJ's Nakahara made some dovish comments and said it was too early to discuss neutral policy rates.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ US MBA Mortgage Applications March 17,fell to -1.16% vs. a prior reading of -0.2%
â€˘ New Zealand's Current Account Balance Q4, -3.857B vs. -3.849B expected
â€˘ Japan's Trade Balance Feb, out at 955.7B vs. 1061.7B expected
â€˘ Adjusted Japanese Trade Balance 682.6B vs. 651.5B expected
â€˘ Japan's BOJ board member Nakahara said, that the BOJ should have spent more time in concluding that CPI is on a rising trend and says that it is too early to be discuss neutral policy rates.
THEMES TO WATCH â€“ UPCOMING SESSION
text from yesterday as our view is intact after yesterday's movements:
We saw EURUSD coming off yesterday. The market supposedly went lower on the core US CPI Feb, coming in above expectations, but we think itâ€™s a matter of market participantâ€™s not willing to take/add new longs shy of 1..2210 resistance. We still have the building blocks for more upside and we expect the 1.2050-60 area to be a good place to enter new longs for a test of 1.2210 and a break giving scope for 1.2321 further out. A break of the 1.1975-1.2000 support area needs to be taken out to change our present view.
USDJPY found renewed upside and took out 117.00, leaving us directionless for the upcoming session. But we expect renewed selling interest in the 117.40-80 area. A clean break of 119.15 is needed to change the present bearish sentiment.
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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