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USD/JPY Signal - Preliminary machine tool orders - 16 Jan 2017

Signal details
Entry Price: 
114.00
Close Price: 
114.11
Direction: 
High
Expiry Time: 
21:00 GMT
Result: 
ITM
How we trade
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Amid a quiet trading day, economic data from Japan stands out. Data released earlier today from the Cabinet office showed that Japan's core machinery orders fell at a faster than expected pace in November. Machinery orders in the private sector excluding volatile components used in shipping and electric power companies fell 5.1% on a seasonally adjusted basis from a month ago. The decline of 5.1% reversed the previous month's increase of 4.1% and was higher than the forecast of a 1.4% decline forecasted by economists.

The U.S. dollar has been weaker and USDJPY has been falling for nearly five consecutive days. Price action is currently seen consolidating near the 114.00 support level. A reversal off this level could signal a potential retracement in the short term. Therefore, purchasing daily CALL’s at 114.00 for a 21:00 GMT expiry would be the ideal binary options trade idea for the day. The U.S. markets are closed today on account of Martin Luther King Day so expect trading to be slow after the European session closes.

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.