TRADING TIPS :
- Forex- Pound hits session lows after dovish BoE inflation report.
- Forex- Pound off lows after UK jobs report, BoE ahead.
- Forex- Dollar slips against yen, backs off 7-year highs.
EUR/USD hit 1.2394 during European morning trade, the session low; the pair subsequently consolidated at 1.2451, shedding 0.20%. The pair was likely to find support at 1.2357, the low of November 7 and a 26-month low and resistance at 1.2568, the high of November 5.In a report, Eurostat said industrial production in the euro zone increased by 0.6% in September, below forecasts for a gain of 1.0%. Industrial production in August fell by 1.4%. Year-on-year, industrial production inched up 0.6% in September from a year earlier, compared to expectations for a 0.2% decline and after dropping at a rate of 0.5% in the preceding month.Meanwhile, demand for the dollar continued to be underpinned by expectations that the recovery in the U.S. will outstrip other major economies
USD/JPY was down 0.41% to 115.28, off the highs of 116.09 struck overnight, the most since October 2007. The yen found support after a Japanese government spokesman said Wednesday it is up to the prime minister to decide when to call elections.The yen weakened on Tuesday amid speculation that Prime Minister Shinzo Abe could call a snap election in December. Speculation that the prime minister could postpone a proposed sales tax increase, scheduled for October 2015 also weighed.A win for Abe would indicate continued support for his for his economic and fiscal policies, which call for a weaker yen.
1. Buy EUR/USD Above 1.2504-TG:1.2524/1.2454 SL 1.2474
2. Sell EUR/USD Below 1.2438-TG:1.2418/1.2388 SL 1.2468