Forex Trading Today TIps
The yen held slightly stronger in Asia on Thursday after better than expected export figures and a mildly dovish Federal Reserve minutes release, with many markets shut for the Lunar New Year holidays. USD/JPY traded at 118.75, down 0.03%, while AUD/USD changed hands at 0.7811, up 0.01% and EUR/USD traded at 1.1403, down 0.06%. Japan's January trade deficit came in at ¥1.178 trillion, more than the ¥1.691 expected.Japan's January trade deficit came in at ¥1.178 trillion, more than the ¥1.691 expected. Exports however rose 17%, well above the 11.9% seen as as the U.S. economic recovery supported demand for automobiles while Asian economies continued to import semiconductors and plastics from Japan. Imports fell 9.0%, more than the 4.8% drop expected on weak oil prices.
The Federal Reserve in a separate report said that U.S. industrial production increased by 0.2% last month, below expectations for a gain of 0.3%. The report also showed that the capacity utilization rate, a measure of how fully firms are using their resources, held steady at 79.4% in January, compared to expectations for a reading of 79.9%.
Analyze the chart for your currency pair and the market conditions to find a good trade entry point. Place a buy order if you think the price of the currency pair will rise, or sell if you think the price will fall, I mostly use Price action method and start with Tickmill ECN account. Monitor the trade and be ready to close out the position once your profit or loss target is reached. You can also place a stop-loss and limit order to automatically close out the trade once the price hits your predetermined profit or loss levels.
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