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EUR/JPY Surges to 128.800 on Manufacturing PMI – Trade Setup

EUR/JPY has had a mixed performance last week as it continued to trade in a wide trading range of 127.850 – 129. The price action was a little skewed last week due to a lack of liquidity in the wake of bank holidays in the United States and Japan. However, the trading activity is back to normal today and team FX Leaders has managed to grab nice profits in 4 trades today.

Here’s what’s impacting the EUR/JPY moves today…

Flash Manufacturing PMI – It’s a survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions, including employment, production, new orders, prices, supplier deliveries, and inventories. The actual figures disappointed the market as it fell to 51.8 vs. 53.0 forecast.

Trade Plan
Fellas, I will be keeping a close eye on 129 today as the pair can offer us sell opportunities below it until 128.450 and 128.200. Whereas, buying trade should be preferred above 129.100 aiming 129.650.

Good luck!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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