Here are the key factors to keep in mind today for Euro trades:
- German PPI: The German PPI for April increased by 0.5% monthly and by 2.5% annualized. Economists predicted an increase of 0.3% monthly and of 2.4% annualized. Forex traders can compare this to the German PPI for March which decreased by 0.1% monthly and which increased by 2.4% annualized.
- Eurozone Current Account: The Eurozone Current Account (s.a.) for March is predicted at €24.2B and the Eurozone Current Account (n.s.a) is predicted at €17.2B. Forex traders can compare this to the Eurozone Current Account (s.a.) for February which was reported at €26.8B and to the Eurozone Current Account (n.s.a.) which was reported at €15.5B.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese GDP: The Preliminary Japanese GDP for the first-quarter increased by 0.5% quarterly and by 2.1% annualized. Economists predicted a decrease of 0.1% quarterly and of 0.2% annualized. Forex traders can compare this to the Japanese GDP for the fourth-quarter which increased by 0.4% quarterly and by 1.6% annualized. The Preliminary Nominal GDP for the first-quarter increased by 0.8% quarterly. Economists predicted an increase of 0.1% quarterly. Forex traders can compare this to the Nominal GDP for the fourth-quarter which increased by 0.5% quarterly. The Preliminary GDP Deflator for the first-quarter increased by 0.2% annualized. Economists predicted an increase of 0.2% annualized. Forex traders can compare this to the Preliminary GDP Deflator for the fourth-quarter which increased by 0.2% annualized. Preliminary Private Consumption for the first-quarter decreased by 0.1% quarterly and Preliminary Business Spending decreased by 0.3% quarterly. Economists predicted a decrease of 0.2% and of 1.9%. Forex traders can compare this to Private Consumption for the fourth-quarter which increased by 0.2% quarterly and to Business Spending for the fourth-quarter which increased by 2.5% quarterly.
- Japanese Industrial Production and Capacity Utilization: Final Japanese Industrial Production for March decreased by 0.6% monthly and by 4.3% annualized. Forex traders can compare this to previous Japanese Industrial Production for March which decreased by 0.9% monthly and by 4.6% annualized. Capacity Utilization for March decreased by 0.4% monthly. Forex traders can compare this to Capacity Utilization for February which increased by 1.0% monthly.
Should price action for the EURJPY remain inside the or breakout above the 122.500 to 123.200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 122.850
- Take Profit Zone: 124.650 – 125.200
- Stop Loss Level: 122.100
Should price action for the EURJPY breakdown below 122.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 122.200
- Take Profit Zone: 119.300 – 120.400
- Stop Loss Level: 122.850
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