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EUR/JPY Signal - German Ifo business climate - 25 Jan 2017

Signal details
Entry Price: 
121.90
Close Price: 
121.72
Direction: 
Low
Expiry Time: 
21:00 GMT
Result: 
ITM
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The German Ifo business climate data, which gives insight into the sentiment in Germany's business sector, will be the focus today. Latest data released from Markit showed that private sector business growth remained high despite easing slightly in January according to the flash estimates released earlier this week. Economists are hopeful that German companies will remain optimistic which could indicate a healthy pace of growth and a potential turnaround in the economic activity in Eurozone's largest economy.

EURJPY formed an inside bar yesterday on a bullish note but the near term trend remains to the downside. Price action is currently bearish which suggests further downside in the near term. Therefore, purchase daily PUT options near 121.90 for a 21:00 GMT expiry time.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.