Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Japanese Current Account Balance for January came in at ¥21.630T, and the Preliminary Japanese Adjusted Current Account Balance at -¥1.977T. Forex traders can compare this to the Japanese Current Account Balance for March, reported at ¥118.390T, and to the Japanese Adjusted Current Account Balance at ¥0.033T.
Japanese Bank Lending for February increased by 3.3% annualized. Forex traders can compare this to Japanese Bank Lending for January, which rose 3.1% annualized.
The Preliminary Japanese Leading Index for January came in at 96.5, and the Preliminary Japanese Coincident Index at 96.1. Forex traders can compare this to the Japanese Leading Index for December, reported at 96.9, and to the Japanese Coincident Index at 99.1.
The Japanese Eco Watchers Survey Current Index for February came in at 52.0, and the Japanese Eco Watchers Survey Outlook Index at 50.8. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for January, reported at 48.5, and the Japanese Eco Watchers Survey Outlook Index at 49.3.
German Industrial Production for January increased by 3.5% monthly. Economists predicted a rise of 1.4%. Forex traders can compare this to German Industrial Production for December, which decreased by 2.4% monthly.
German Retail Sales for January decreased by 0.3% monthly and plunged by 6.9% annualized. Economists predicted a rise of 2.0% and a drop of 6.1%. Forex traders can compare this to German Retail Sales for December, which collapsed by 5.3% monthly and 6.4% annualized.
Italian Retail Sales for January are predicted to decrease by 0.2% monthly. Forex traders can compare this to Italian Retail Sales for December, which contracted by 0.2% monthly.
The preliminary Eurozone GDP for the fourth quarter is predicted to increase by 0.1% quarterly and 1.9% annualized. Forex traders can compare this to the Eurozone GDP for the third quarter, which rose 0.3% quarterly and 2.3% annualized.
The Eurozone Employment Change for the fourth quarter is predicted to rise by 0.4% quarterly and 1.7% annualized. Forex traders can compare this to the Eurozone Employment Change for the third quarter, which increased by 0.3% quarterly and 1.8% annualized.
The forecast for the EUR/JPY turned bearish in the short term, but it maintains a longer-term bullish outlook driven by the crossover in the ascending Ichimoku Kinko Hyo Cloud. The flat Kijun-sen and Tenkan-sen suggest the absence of short-term bullish momentum. Traders should also monitor the CCI following its breakdown from extreme overbought territory. A move below zero could accelerate the expected short-term sell-off. Can bears overpower bulls and force the EUR/JPY into its horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EURJPY remain inside the or breakdown below the 144.550 to 145.550 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 145.050
- Take Profit Zone: 141.700 – 142.550
- Stop Loss Level: 146.100
Should price action for the EURJPY breakout above 145.550, PaxForex recommends the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 146.100
- Take Profit Zone: 147.100 – 147.700
- Stop Loss Level: 146.550
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