Here are the key factors to keep in mind today for Euro trades:
- German Trade Balance & German Current Account Balance: The German Trade Balance for June was reported at a €21.8B. Economists predicted a figure of €20.8B. Forex traders can compare this to German Trade Balance for May which was reported at €19.6B. Exports were reported flat at 0.0% monthly and Imports increased by 1.2% monthly. Economists predicted a decrease of 0.4% monthly and an increase of 0.2% monthly. Forex traders can compare this to Exports for May which increased by 1.8% monthly and to Imports which increased by 0.7% monthly. The German Current Account Balance for June was reported at a €26.2B. Economists predicted a figure of €21.2B. Forex traders can compare this to the German Current Account Balance for May which was reported at €12.6B.
- German Industrial Production: German Industrial Production for June decreased by 0.9% monthly and increased by 2.5% annualized. Economists predicted a decrease of 0.5% monthly and an increase of 3.0% annualized. Forex traders can compare this to German Industrial Production for May which increased by 2.6% monthly and by 3.1% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Household Spending: Japanese Household Spending for June decreased by 1.2% annualized. Economists predicted a decrease of 1.4% annualized. Forex traders can compare this to Japanese Household Spending for May which decreased by 3.9% annualized.
- Japanese Labor Cash Earnings and Japanese Real Cash Earnings: Japanese Labor Cash Earnings for June increased by 3.6% annualized and Japanese Real Cash Earnings increased by 2.8% annualized. Economists predicted an increase of 1.7% and of 0.9%. Forex traders can compare this to Japanese Labor Cash Earnings for May which increased by 2.1% annualized and to Japanese Real Cash Earnings which increased by 1.3% annualized.
- Japanese Leading Index and Japanese Coincident Index: The Preliminary Japanese Leading Index for June was reported at 105.2 and the Preliminary Japanese Coincident Index was reported at 116.3. Economists predicted a figure of 105.3 and of 116.2. Forex traders can compare this to the Japanese Leading Index for May which was reported at 106.9 and to the Japanese Coincident Index which was reported at 116.8.
Should price action for the EURJPY remain inside the or breakdown below the 128.500 to 129.100 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 128.750
- Take Profit Zone: 124.600 – 125.000
- Stop Loss Level: 130.300
Should price action for the EURJPY breakout above 129.100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 129.400
- Take Profit Zone: 131.450 – 131.950
- Stop Loss Level: 128.750
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