Here are the key factors to keep in mind today for Euro trades:
- German PPI: The German PPI for November increased by 0.3% monthly and by 0.1% annualized. Economists predicted an increase of 0.1% monthly and a decrease of 0.2% annualized. Forex traders can compare this to the German PPI for October which increased by 0.7% monthly and which decreased by 0.4% annualized.
- Eurozone Current Account: The Eurozone Current Account (s.a.) for October was reported at €28.4B and the Eurozone Current Account (n.s.a) was reported at €32.8B. Forex traders can compare this to the Eurozone Current Account (s.a.) for September which was reported at €27.7B and to the Eurozone Current Account (n.s.a.) which was reported at €32.2B.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Bank of Japan Policy Rate: The Bank of Japan Policy Rate was reported at -0.100%.Economists predicted a level of -0.100%. Forex traders can compare this to the previously announced Bank of Japan Policy Rate which was reported at -0.100%.
- Japanese Department Store Sales: Japanese Department Store Sales for November decreased by 2.4% annualized. Forex traders can compare this to Japanese Department Store Sales for October which decreased by 3.9% annualized.
- Japanese Convenience Store Sales: Japanese Convenience Store Sales for November increased by 0.5% annualized. Forex traders can compare this to Japanese Convenience Store Sales for October which increased by 0.2% annualized.
Should price action for the EURJPY remain inside the or breakdown below the 122.000 to 122.500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 122.250
- Take Profit Zone: 116.000 – 116.500
- Stop Loss Level: 124.250
Should price action for the EURJPY breakout above 122.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 123.000
- Take Profit Zone: 124.000 – 124.500
- Stop Loss Level: 122.250
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
