USDJPY Potential Sell Flash Manufacturing PMI | 24th March 2023
Fundamental Backdrop
1. JPY Flash Manufacturing PMI, a leading indicator of economic health, increased from 47.7 to 48.6.
2. Actual result is also better than the expected 48.2
3. Last time we saw better results was in October and November 2021, which saw a 40 - 80 pip drop
4. Bias for today is medium bearish.
Technical Confluences
1. Price in a strong bearish trend with price under the Ichimoku cloud
2. H4 supply zone at 131.100
3. Intermediate support at 130.600
4. Next support at 129.800.
Idea
Scenario 1:
Looking for price to tap into the H4 supply zone at 131.100 before heading towards the intermediate support at 130.600
Scenario 2:
I am looking for price to break the intermediate support at 130.600 before heading toward the next support at 129.800.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. JPY Flash Manufacturing PMI, a leading indicator of economic health, increased from 47.7 to 48.6.
2. Actual result is also better than the expected 48.2
3. Last time we saw better results was in October and November 2021, which saw a 40 - 80 pip drop
4. Bias for today is medium bearish.
Technical Confluences
1. Price in a strong bearish trend with price under the Ichimoku cloud
2. H4 supply zone at 131.100
3. Intermediate support at 130.600
4. Next support at 129.800.
Idea
Scenario 1:
Looking for price to tap into the H4 supply zone at 131.100 before heading towards the intermediate support at 130.600
Scenario 2:
I am looking for price to break the intermediate support at 130.600 before heading toward the next support at 129.800.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Comment:
Target reached