Not much going on tomorrow in the way of economic reports except for the E-12 monthly PPI report. The Producer Price Index measures the inflation felt by manufacturers. So, we may see some movement after the report which will be released 5:00 am EST. Consensus is expecting a lower number of 0.2% versus 0.3% in the month prior.
Based on the price movement on the hourly chart, I’m looking for a further drop in the euro against the yen. It seems to have found resistance at the 147.00 price level and the 50% fib retracement level before turning back south. I am looking to target the previous low and 145.50 if we see enough movement in the pair.
Short EUR/JPY at 146.10, stop at 146.40, pt1 at 145.90, pt2 at 145.75
Please be cautious for whipsaws around the news report. Good luck and good trading!
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