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Forex Trading StrategiesUSDJPY lower in Asia!
USDJPY lost more then a figure in Asia, with Japanese economic data in line with expectations, but still within a very congested zone and we need to see 116.60 go before looking at more downside
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€¢ German ZEW econ. Sentiment April, out at 62.7 vs. 65.5 expected.
â€¢ German ZEW survey current situation April, out at 2.9 vs. -2.0 expected.
â€¢ Euro-Zone ZEW econ sentiment April, out at 58.7 vs. 63.0 expected.
â€¢ Canada's new housing price index Feb, out at 0.7% vs. 0.55 expected.
â€¢ US ABC consumer confidence April 10, out at -9 in line with expectations.
â€¢ Fed's Fischer says Fed will maintain USD credibility
â€¢ Japan's current account total Feb, out at 1674.3B vs. 1634.0B expected.
â€¢ Japan's trade balance BOP basis Feb, out at 1090.9B vs. 1070.0B expected.
â€¢ Fukui says bank of Japan has no preconception on timing of rate hike.
THEMES TO WATCH â€“ UPCOMING SESSION
US trade balance is out today and there is rumors that the data might be a bit more narrowing than expected. But in general it Ãs a question if the market chooses to focus on the devastating US trade deficit looking ahead or the market looks for this to be another excuse to sell EURUSD with a good probability of another rate hike by the Fed in May and the ECB waiting until June before looking at another hike. Look for 1.2075-1.2240 as breakout level and direction after numbers at 13:30 GMT.
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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