Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Japanese Current Account Balance for April came in at ¥2.051T, and the Preliminary Japanese Adjusted Current Account Balance at ¥2.520T. Forex traders can compare this to the Japanese Current Account Balance for March, reported at ¥3.399T, and to the Japanese Adjusted Current Account Balance at ¥2.010T.
Japanese Bank Lending for May increased by 3.0% annualized. Economists predicted a rise of 3.1%. Forex traders can compare this to Japanese Bank Lending for April, which rose 3.1% annualized.
The Final Japanese GDP for the first quarter decreased 0.5% quarterly and 1.8% annualized. Economists predicted a decrease of 0.5% and 2.0%. Forex traders can compare this to the Japanese GDP for the fourth quarter, which rose 0.1% quarterly and 0.4% annualized. Final Private Consumption for the first quarter decreased by 0.7% quarterly, and Final Capital Expenditure contracted by 0.4% quarterly. Economists predicted a drop of 0.7% and 0.8%. Forex traders can compare this to Private Consumption for the fourth quarter, which decreased by 0.3% quarterly, and Capital Expenditure, which accelerated by 2.0% quarterly. Final External Demand for the first quarter dropped by 0.4% quarterly. Economists predicted a contraction of 0.3%. Forex traders can compare this to External Demand for the fourth quarter, which increased by 0.2% quarterly. The final GDP Price Index for the first quarter rose 3.4% annualized. Economists predicted a rise of 3.7%. Forex traders can compare it to the GDP Price Index for the fourth quarter, which surged by 3.9% annualized.
The Japanese Eco Watchers Survey Current Index for May came in at 45.7, and the Japanese Eco Watchers Survey Outlook Index at 46.3. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for April, reported at 47.4, and the Japanese Eco Watchers Survey Outlook Index at 48.5.
Italian Industrial Production for April is predicted to increase by 0.3% monthly. Forex traders can compare this to Italian Industrial Production for March, which contracted 0.5% monthly.
Eurozone Sentix Investor Confidence for June is predicted at -1.5. Forex traders can compare this to Eurozone Sentix Investor Confidence for May, reported at -3.6.
The forecast for the EUR/JPY turned cautiously bullish, driven by the ascending Ichimoku Kinko Hyo Cloud. This currency pair traded above its ascending Kijun-sen but below its flat Tenkan-sen. Traders should also monitor the CCI in extreme oversold territory. A breakout above -100 could trigger the expected reversal, and this technical indicator has plenty of upside potential. Can bulls regain control over the EUR/JPY and force price action into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/JPY remain inside the or breakout above the 168.400 to 169.400 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 168.900
- Take Profit Zone: 171.550 – 172.500
- Stop Loss Level: 168.000
Should price action for the EUR/JPY break down below 168.400, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 168.000
- Take Profit Zone: 165.900 – 166.600
- Stop Loss Level: 168.400
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