Here are the key factors to keep in mind today for Euro trades:
- German Markit Construction PMI: The German Markit Construction PMI for July was reported at 51.6. Forex traders can compare this to the German Markit Construction PMI for June which was reported at 50.4.
- Eurozone Markit Retail PMI: The Eurozone Markit Retail PMI for July was reported at 48.9. Forex traders can compare this to the Eurozone Markit Retail PMI for June which was reported at 48.5. The German Markit Retail PMI for July was reported at 52.0. Forex traders can compare this to the German Markit Retail PMI for June which was reported at 51.6. The French Markit Retail PMI for July was reported at 51.6. Forex traders can compare this to the French Markit Retail PMI for June which was reported at 51.0. The Italian Markit Retail PMI for July was reported at 40.3. Forex traders can compare this to the Italian Markit Retail PMI for June which was reported at 40.2.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for July 29th was reported at ¥312.1B and Japanese Buying Foreign Stocks which was reported at ¥73.6B. Forex traders can compare this to Japanese Buying Foreign Bonds for July 22nd which was reported at ¥679.3B and to Japanese Buying Foreign Stocks which was reported at ¥175.3B. Foreign Buying Japanese Bonds for July 29th was reported at ¥1,091.2B and Foreigners Buying Japanese Stocks which was reported at -¥95.5B. Forex traders can compare this to Foreign Buying Japanese Bonds for July 22nd which was reported at ¥304.6B and to Foreigners Buying Japanese Stocks which was reported at -¥271.5B.
Should price action for the EURJPY remain inside the or breakout above the 112.500 to 113.000 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 112.750
- Take Profit Zone: 118.000 – 118.500
- Stop Loss Level: 111.000
Should price action for the EURJPY breakdown below 112.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 112.250
- Take Profit Zone: 110.000 – 111.000
- Stop Loss Level: 113.000
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
