FUNDAMENTAL FACTORS FOR THE AUDJPYHere is the key factor to keep in mind today for Australian Dollar trades:
Australian CBA Manufacturing PMI, CBA Services PMI and CBA Composite PMI: The Preliminary Australian Manufacturing PMI for August was reported at 51.3. Forex traders can compare this to the Australian CBA Manufacturing PMI for July which was reported at 51.6.The Preliminary Australian CBA Services PMI for August was reported at 49.2. Forex traders can compare this to the Australian CBA Services PMI for July which was reported at 52.3. The Preliminary Australian CBA Composite PMI for August was reported at 49.5. Forex traders can compare this to the Australian CBA Composite PMI for for July which was reported at 52.1.
Here are the key factors to keep in mind today for Japanese Yen trades:
Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for the period ending August 16th was reported at ¥499.7B and Japanese Buying Foreign Stocks was reported at -¥105.6B. Forex traders can compare this to Japanese Buying Foreign Bonds for the period ending August 9th which was reported at ¥175.8B and to Japanese Buying Foreign Stocks which was reported at ¥62.0B. Foreign Buying Japanese Bonds for the period ending August 16th was reported at -¥52.1B and Foreigners Buying Japanese Stocks was reported at -¥359.6B. Forex traders can compare this to Foreign Buying Japanese Bonds for the period ending August 9th which was reported at ¥545.5B and to Foreigners Buying Japanese Stocks which was reported at -¥187.1B.
Japanese Nikkei Manufacturing PMI: The Preliminary Japanese Nikkei Manufacturing PMI for August was reported at 49.4. Forex traders can compare this to the Japanese Nikkei Manufacturing PMI July which was reported at 49.4.
Japanese All Industry Activity Index: The Japanese All Industry Activity Index for June decreased by 0.8% monthly. Economists predicted an decrease of 0.7% monthly. Forex traders can compare this to the Japanese All Industry Activity Index for May which increased by 0.5% monthly.
Should price action for the AUDJPY remain inside the or breakout above the 71.700 to 72.550 zone the following trade set-up is recommended:
Timeframe: D1
Recommendation: Long Position
Entry Level: Long Position @ 72.000
Take Profit Zone: 73.900– 74.800
Stop Loss Level: 70.950
Should price action for the AUDJPY breakdown below 71.700 the following trade set-up is recommended:
Timeframe: D1
Recommendation: Short Position
Entry Level: Short Position @ 71.400
Take Profit Zone: 69.750 – 70.000
Stop Loss Level: 72.000
