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  • EUR/JPY Forecast – Euro Eyes Further Gains Vs Japanese Yen

    EUR/JPY Forecast – Euro Eyes Further Gains Vs Japanese Yen

    • – The Euro is positioned nicely in a bullish trend above 132.20 against the Japanese Yen.
    • – There is a major bullish trend line forming with support at 132.20 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Merchandise Trade Balance Total for March 2018 was released by the Ministry of Finance.
    • – The outcome was above the forecast of ¥498.3B as there was a trade surplus of ¥797.3B.

     

    Japan’s Merchandise Trade Balance

    Today in Japan, the Merchandise Trade Balance Total for March 2018 was released by the Ministry of Finance. The market was looking for a trade surplus of ¥498.3B in March 2018 compared with the last surplus of ¥3.4B.

     

    However, the actual result was above the forecast of ¥498.3B as there was a trade surplus of ¥797.3B. The last reading was revised down from ¥3.4B to ¥2.6B. Imports of goods and services in March 2018 declined by 0.6%, whereas the market was looking for a rise of 5.4%. Exports of goods and services in March 2018 rose by 2.1%, whereas the market was looking for a rise of 4.7%.

     

    The EUR/JPY pair is placed nicely above the 132.20-30 support area, and it looks set for more gains in the near term.

     

    EUR/JPY Technical Analysis

    The Euro followed a bullish path above the 132.00 level against the Japanese Yen. The EUR/JPY pair recently declined and tested the 132.10 level where it found support. The pair recovered, and moved back in the bullish zone above 132.20 and the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    On the downside, there is a major bullish trend line forming with support at 132.20 on the hourly chart of EUR/JPY. The trend line acted as a support, pushed the pair above a bearish trend line with resistance at 132.52 on the same chart.

     

    The pair traded as high as 132.80 recently and it seems like it may continue to rise towards the 133.00 and 133.20 resistance levels.

     

    If there is a downside correction, then the 23.6% Fib retracement level of the last wave from the 132.10 low to 132.80 high at 132.64 may act as a support. However, the most important supports are at 132.40 and 132.20.

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  • EUR/JPY Forecast – Euro Remains in Uptrend Vs Japanese Yen

    EUR/JPY Forecast – Euro Remains in Uptrend Vs Japanese Yen

    • – The Euro traded higher and settled above the 131.00 level recently against the Japanese Yen.
    • – There is a crucial connecting resistance trend line forming with barrier at 131.60 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Trade Balance report for Feb 2018 was released by the Customs Office.
    • – The outcome was above the forecast of ¥108.7B as there was a trade surplus of ¥188.7B.

     

    Japan’s Trade Balance

    Today in Japan, the Trade Balance report for Feb 2018 was released by the Customs Office. The market was looking for a trade surplus of ¥108.7B in Feb 2018 compared with the last deficit of ¥-666.6B.

     

    However, the actual result was above the forecast of ¥108.7B as there was a trade surplus of ¥188.7B. Looking at the current account in Feb 2018, there was a trade surplus of ¥2,076.0B, a bit less than the last ¥2,160.0B.

     

    The EUR/JPY pair remains in an uptrend above the 131.00 support and it may continue to move higher in the near term.

     

    EUR/JPY Technical Analysis

    The Euro started a solid upside wave from the 130.20 swing low against the Japanese Yen. The EUR/JPY pair moved higher and broke a few important hurdles near the 130.80 and 131.00 levels to settle above the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair traded as high as 131.31 before starting a downside correction. It declined and tested the 23.6% Fib retracement level of the last wave from the 130.22 low to 131.61 high. However, the decline was protected by the 131.05 and 131.00 levels.

     

    It seems like the pair remains well supported above the 131.00 handle. On the upside, there is a crucial connecting resistance trend line forming with barrier at 131.60 on the hourly chart of EUR/JPY. The pair has to break the 131.60 resistance and the trend line to gain upside momentum.

     

    On the downside, the 131.00 support holds a lot of importance. As long as the pair is above the 131.00 support, it could move higher sooner or later and break the 131.60 resistance in the near term. Above 131.60, the Euro might test the 132.00 level.

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  • EUR/JPY Forecast – Euro Could Decline Further Vs Japanese Yen

    EUR/JPY Forecast – Euro Could Decline Further Vs Japanese Yen

    • – The Euro declined recently and traded below the 131.00 support against the Japanese Yen.
    • – There is a major bearish trend line forming with resistance at 130.25 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Nikkei Manufacturing PMI for Feb 2018 was released.
    • – The outcome was above the forecast of 54.0 as there was a rise in the PMI from 54.0 to 54.1.

     

    Japan’s Nikkei Manufacturing PMI

    Today in Japan, the Nikkei Manufacturing PMI for Feb 2018 was released. The market was looking for no change in the PMI from the last reading of 54.0 in Feb 2018.

     

    However, the actual result was above the forecast of 54.0 as there was a rise in the PMI from 54.0 to 54.1. Moreover, the Capital Spending report for Q4 2017 was released by the Ministry of Finance Japan. The market was looking for a rise of 3.1% in the Capital Spending, but the result was positive, as there was a rise of 4.3% in the Capital Spending in Q4 2017, which was also more than the last +4.2%.

     

    The EUR/JPY pair may correct a few pips higher in the short term, but it is likely to face sellers on the upside near 130.25 and 130.50.

     

    EUR/JPY Technical Analysis

    The Euro started a new downside wave from well above the 131.50 level against the Japanese Yen. The EUR/JPY pair traded lower and broke a couple of important support levels such as 131.20, 131.00 and 130.50.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair even traded below the 130.00 level and settled below the 100 hourly simple moving average. A low was formed at 129.84 from where the pair started an upside correction. It is back above the 130.00 level, but there are many resistances on the upside.

     

    First, there is a major bearish trend line forming with resistance at 130.25 on the hourly chart of EUR/JPY. The next resistance is near the 23.6% Fib retracement level of the last decline from the 132.18 high to 129.84 low.

     

    There can be a minor upside correction in EUR/JPY in the near term, but the pair is likely to face hurdles near the 130.25 and 130.50 levels.

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  • EUR/JPY Forecast – Euro In Downtrend Below 134.00 Vs Japanese Yen

    EUR/JPY Forecast – Euro In Downtrend Below 134.00 Vs Japanese Yen

    • – The Euro is following a downtrend and is currently trading below 134.00 against the Japanese Yen.
    • – There is a declining channel forming with resistance at 133.10 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Machinery New Orders report for Dec 2017 was released by the Cabinet Office.
    • – The outcome was below the forecast of +2.2% as there was a decline in order by 5% (YoY).

     

    Japan’s Machinery New Orders

    Today in Japan, the Machinery New Orders report for Dec 2017 was released by the Cabinet Office. The market was looking for a 2.2% rise in orders in Dec 2017 compared with the same month a year ago.

     

    However, the actual result was below the forecast of +2.2% as there was a decline in order by 5% (YoY). It was well below the last increase of 4.1%. Moreover, the monthly change posted a decline of 11.9%, whereas the market was looking for -2.3%. This was a lot worse compared with the last increase of 5.7%.

     

    The EUR/JPY pair may correct a few pips in the short term, but it remains in a downtrend below the 133.40 resistance.

     

    EUR/JPY Technical Analysis

    The Euro started a downside move from well above 134.50 and declined by more than 100 pips recently against the Japanese Yen. The EUR/JPY pair faced a lot of selling pressure and moved below the 134.00 and 133.80 support levels.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair is now trading below the 133.50 level and the 100 hourly simple moving average. It traded as low as 131.59 and recovered recently. However, the upside move was capped by 133.30 and the 100 hourly simple moving average.

     

    Moreover, there is a declining channel forming with resistance at 133.10 on the hourly chart. On the downside, an initial support is around the 50% Fib retracement level of the last wave from the 131.59 low to 133.38 high.

     

    There are chances of a couple of swing moves in EUR/JPY around 133.00 in the near term. Once there is a close above the 133.50 resistance and the 100 hourly SMA, the pair could gain upside momentum.

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  • EUR/JPY Forecast – Euro Remains in Uptrend above 135.30 Vs Japanese Yen

    EUR/JPY Forecast – Euro Remains in Uptrend above 135.30 Vs Japanese Yen

    • – The Euro is struggling to move above the $136.15-20 resistance area against the Japanese Yen.
    • – There is a key bullish trend line forming with support at 135.60 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Nikkei Manufacturing PMI for January 2018 was released.
    • – The outcome was above the forecast of 54.4 as there was a rise in the PMI to 54.8.

     

    Japan’s Nikkei Manufacturing PMI

    Today in Japan, the Nikkei Manufacturing PMI for January 2018 was released. The market was positioned for no change in the PMI from 54.4 in Jan 2018.

     

    However, the actual result was above the forecast of 54.4 as there was a rise in the PMI to 54.8. This is the third consecutive month of an increase in Japan’s Nikkei Manufacturing PMI. The report added:

     

    The Japanese manufacturing sector gained further momentum at the start of 2018. Output and new order growth rates accelerated, while businesses raised employment amid rising backlogs of work. Robust demand also encouraged firms to pass on part of the sharp rise in cost burdens to customers.

     

    The EUR/JPY pair is stable above the 135.30 and 135.00 support levels, but it has to clear sell offers near 136.15 to gain further momentum.

     

    EUR/JPY Technical Analysis

    The Euro remains in a decent uptrend above the 135.00 handle against the Japanese Yen. The EUR/JPY pair recently traded higher and tested an important resistance at 136.15-136.20. The mentioned 136.20 resistance is significant and it recently stopped an upside break on many occasions.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair failed to gain pace and started a downside correction. It moved below the 23.6% Fib retracement level of the last wave from the 134.12 low to 136.03 high.

     

    However, the downside move was limited by 135.50 and a key bullish trend line with support at 135.60 on the hourly chart of EUR/JPY. The pair is well supported above the 135.50-60 levels. However, it has to move past 136.20 to further accelerate higher.

     

    Once there is a proper close above 136.20, the pair could trade towards the 137.00 level in the near term. On the downside, below 135.50, the next major support is around the 135.00 handle.

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  • EUR/JPY Forecast – Euro to Break Past 136.00 Vs Japanese Yen?

    EUR/JPY Forecast – Euro to Break Past 136.00 Vs Japanese Yen?

    • – The Euro is gaining pace above the 135.00 level against the Japanese Yen.
    • – There is a major bullish trend line forming with support at 135.50 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Machinery New orders figure for Nov 2017 was released by the Cabinet Office.
    • – The outcome was above the forecast of -1.4% as there was a rise in orders by 5.7% (MoM).

     

    Japan’s Machinery New Orders

    Today in Japan, the Machinery New orders figure for Nov 2017 was released by the Cabinet Office. The market was positioned for a decline of 1.4% in orders in Nov 2017 compared with the previous month.

     

    However, the actual result was above the forecast of -1.4% as there was a rise in orders by 5.7%. Looking at the yearly change, there was an increase of 4.1% in the Machinery New orders, which was a lot better than the forecast of -0.7%. It was even better than the last reading of 2.3%.

     

    The EUR/JPY pair remains in an uptrend and it is very likely to break the 136.00 resistance area for more gains in the near term.

     

    EUR/JPY Technical Analysis

    The Euro started an upside wave from the 133.00 swing low against the Japanese Yen. The EUR/JPY pair traded higher and was able to move above the 134.50 and 135.00 resistance levels. It even traded a few pips above the 136.00 level and settled above the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair formed a high at 136.09 from where it corrected lower towards 135.00. A low was formed at 134.97 from where a fresh upside wave was initiated. The pair is now above the 50% Fib retracement level of the last decline from the 136.09 high to 134.97 low.

     

    On the downside, there is a major bullish trend line forming with support at 135.50 on the hourly chart of EUR/JPY. The trend line support at 135.50 is a decent buy zone in the short term.

     

    On the upside, the pair is likely to break the 136.00 level and the 136.09 high for more gains. Above 136.09, the pair could accelerate toward the 136.50 level.

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  • EUR/JPY Forecast – Euro Bullish above 135.00 Vs Japanese Yen

    EUR/JPY Forecast – Euro Bullish above 135.00 Vs Japanese Yen

    • – The Euro is in a nice uptrend and is currently above the 135.00 support against the Japanese Yen.
    • – There was a break above a key bearish trend line with resistance at 135.20 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Nikkei Manufacturing PMI for Dec 2017 was released.
    • – The outcome was below the forecast of 54.2 as there was a decline in the PMI to 54.0 in Dec 2017.

     

    Japan’s Nikkei Manufacturing PMI

    Today in Japan, the Nikkei Manufacturing PMI for Dec 2017 was released. The market was positioned for no change in the PMI in Dec 2017 from the last reading of 54.2.

     

    However, the actual result was below the forecast of 54.2 as there was a decline in the PMI to 54.0 in Dec 2017. However, the overall result was very positive since output gathered momentum and new orders posted a sharp upside increase. The report added that:

     

    Japanese manufacturers marked the final month of 2017 with the greatest improvement in operating conditions since February 2014. Output growth quickened for the fifth successive month amid a broad-based rise in new orders.

     

    The EUR/JPY pair might correct a few pips in the short term, but it remains supported on the downside near 135.00.

     

    EUR/JPY Technical Analysis

    The Euro started a decent upside move from the 134.00-134.10 support area against the Japanese Yen. The EUR/JPY pair moved above the 134.80 and 135.00 resistance levels to register a close above the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair traded as high as 135.63 before it started a downside correction. It traded lower and tested the 135.00 support area. It moved back higher and there was a break above a key bearish trend line with resistance at 135.20 on the hourly chart.

     

    The pair is now above the 61.8% Fib retracement level of the last drop from the 135.63 high to 134.80 low. Therefore, it seems like the pair might continue to move higher toward 135.60 or even 136.00.

     

    On the downside, the broken resistance area near 135.20 and 135.00 are decent supports levels. Should the pair correct lower from the current levels, it will most likely find buyers above the 135.00 handle.

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  • EUR/JPY Forecast – Euro to Start Downtrend Vs Japanese Yen?

    EUR/JPY Forecast – Euro to Start Downtrend Vs Japanese Yen?

    • – The Euro is finding it hard to break the 133.80-90 resistance levels against the Japanese Yen.
    • – There was a break below a key bullish trend line with support at 133.70 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Domestic Corporate Goods Price Index for Nov 2017 was released by the Bank of Japan.
    • – The outcome was above the forecast of +0.2% as there was a rise in the index by 0.4% in Nov 2017 (MoM).

     

    Japan’s Domestic Corporate Goods Price Index

    Today in Japan, the Domestic Corporate Goods Price Index for Nov 2017 was released by the Bank of Japan. The market was positioned for a rise in the index by 0.2% in Nov 2017 compared with the previous month.

     

    However, the actual result was above the forecast of +0.2% as there was a rise in the index by 0.4% in Nov 2017. It was also above the last increase of 0.3%. In terms of the yearly change, there was a rise in the index by 3.5% in Nov 2017, more than the forecast of 3.3% and better than the last +3.4%.

     

    EUR/JPY Technical Analysis

    The Euro traded nicely from the 132.20-30 support area against the Japanese Yen, and moved above the 133.00 handle. The EUR/JPY pair traded as high as 133.88 where it faced a strong resistance. The pair is currently struggling to retain the bullish bias above 133.80 and is currently moving lower.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair has already started a downside reaction and there was a break below a key bullish trend line with support at 133.70 on the hourly chart. At the moment, the pair is trading near the 23.6% Fib retracement level of the last wave from the 132.25 low to 133.88 high.

     

    If the recent trend line break is real at 133.70, there are chances of more declines in EUR/JPY in the near term. The next major support is near 133.10 and the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the 132.25 low to 133.88 high is also at 133.06.

     

    Overall, there can be more downsides in EUR/JPY, but the 133.10-20 levels are major supports, which will most likely prevent sellers from taking control.

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  • EUR/JPY Forecast – Euro to Bounce Back Vs Japanese Yen?

    EUR/JPY Forecast – Euro to Bounce Back Vs Japanese Yen?

    • – The Euro started a downside move from the 133.25 swing high against the Japanese Yen.
    • – There was a break below a key bullish trend line with support at 132.75 on the hourly chart of EUR/JPY.
    • – Today in the Euro Zone, the German Import price index for Oct 2017 was released by Deutsche Bundesbank.
    • – The outcome was around the forecast as there was a rise in the index by 0.6% in Oct 2017 (MoM).

     

    German Import Price Index

    Today in the Euro Zone, the German Import price index for Oct 2017 was released by Deutsche Bundesbank. The market was positioned for a rise in the index by 0.6% in Oct 2017 compared with the previous month.

     

    However, the actual result was around the forecast as there was a rise in the index by 0.6% in Oct 2017. However, it was below the last increase of 0.9%. In terms of the yearly change, there was a rise in the index by 2.6% in Oct 2017, less than the last +3.0%.

     

    EUR/JPY Technical Analysis

    The Euro made a nice upside move and traded above the 133.00 level against the Japanese Yen. The EUR/JPY pair traded as high as 133.25 and later started a downside move. It traded below the 23.6% Fib retracement level of the last wave from the 131.22 low to 133.25 high.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    During the downside, there was a break below a key bullish trend line with support at 132.75 on the hourly chart. The pair even traded below the 50% Fib retracement level of the last wave from the 131.22 low to 133.25 high. However, the downside move was prevented by the 132.10 support and the 100 hourly simple moving average.

     

    The pair is currently recovering and it broke a bearish trend line at 132.25 on the same chart. It needs to gain momentum above the 132.50 level to recover further in the near term.

     

    Overall, the pair might continue to move higher towards 132.50-60 as long as it is positioned above the 132.00 handle and the 100 hourly SMA. The next major resistance above 132.60 is at 132.85.

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  • EUR/JPY Forecast – Can Euro Break This Vs Japanese Yen?

    EUR/JPY Forecast – Can Euro Break This Vs Japanese Yen?

    • – The Euro declined recently and traded below the 132.50 support against the Japanese Yen.
    • – There is a major bearish trend line forming with resistance near 132.45 on the hourly chart of EUR/JPY.
    • – Today in Japan, the All Industry Activity Index for Sep 2017 was released by the Ministry of Economy, Trade and Industry.
    • – The outcome was below the forecast of -0.4%, as there was a decline of 0.5% in the index (MoM).

     

    Japan’s All Industry Activity Index

    Today in Japan, the All Industry Activity Index for Sep 2017 was released by the Ministry of Economy, Trade and Industry. The market was positioned for a decline of 0.4% in the index compared with the previous month.

     

    However, the actual result was below the forecast of -0.4%, as there was a decline of 0.5% in the index. It was also well below the last increase of 0.1%. The Indices of Construction Industry Activity was down by 2.3% in Sep 2017, and the Indices of Industrial Production was down by 1%.

     

    EUR/JPY Technical Analysis

    The Euro started a major downside move from the 133.88 swing high against the Japanese Yen. The EUR/JPY pair declined and broke a couple of important support levels such as 132.60 and 132.00. It even traded below the 131.50 support and the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair traded as low as 131.17 and later started an upside correction. It has moved above the 23.6% Fib retracement level of the last decline from the 133.88 high to 131.17 low. However, the broken support near 132.40-50 is now acting as a resistance. There is also a major bearish trend line forming with resistance near 132.45 on the hourly chart of EUR/JPY.

     

    Moreover, the 50% Fib retracement level of the last decline from the 133.88 high to 131.17 low is near 132.55 and the 100 hourly SMA. Therefore, there are many resistances on the upside for EUR/JPY and it won’t be easy for the pair to move past 132.60.

     

    In the short term, selling rallies can be opted near 132.45 and 132.60 as long as there is break and close above the 100 hourly SMA.

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