Here are the key factors to keep in mind today for Euro trades:
- French GDP: The Advanced French GDP for the fourth-quarter increased by 0.6% quarterly and by 2.4% annualized. Economists predicted an increase of 0.6% quarterly and by 2.3% annualized. Forex traders can compare this to the previous fourth-quarter GDP report which increased by 0.6% quarterly and by 2.3% annualized.
- Eurozone Confidence Data: Eurozone Economic Confidence for January is predicted at 116.2. Forex traders can compare this to Eurozone Economic Confidence for December which was reported at 116.0. Eurozone Industrial Confidence for January is predicted at 8.9. Forex traders can compare this to Eurozone Industrial Confidence for December which was reported at 9.1. Eurozone Services Confidence for January is predicted at 18.5. Forex traders can compare this to Eurozone Services Confidence for December which was reported at 18.4. Final Eurozone Consumer Confidence for January is predicted at 1.3. Forex traders can compare this to the first Eurozone Consumer Confidence for January which was reported at 1.3. The Eurozone Business Climate Indicator for January is predicted at 1.68. Forex traders can compare this to Eurozone Business Climate Indicator for December which was reported at 1.68.
- Eurozone GDP: The advanced Eurozone GDP for the fourth-quarter is predicted to increase by 0.6% quarterly and by 2.7% annualized. Forex traders can compare this to the previous Eurozone GDP for the fourth-quarter which increased by 0.6% quarterly and by 2.6% annualized.
- Preliminary German CPI: The Preliminary German CPI for January is predicted to decrease by 0.6% monthly and to increase by 1.7% annualized. Forex traders can compare this to the German CPI for December which increased by 0.6% monthly and by 1.7% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Jobless Rate and Job-to-Applicant Ratio: The Japanese Jobless Rate for December was reported at 2.8% and the Job-to-Applicant Ratio at 1.59. Economists predicted a figure of 2.7% and of 1.57. Forex traders can compare this to the Japanese Jobless Rate for November which was reported at 2.7% and to the Job-to-Applicant Ratio which was reported at 1.56.
- Japanese Household Spending: Japanese Household Spending for December decreased by 0.1% annualized. Economists predicted an increase of 1.3% annualized. Forex traders can compare this to Japanese Household Spending for November which increased by 1.7% annualized.
- Japanese Retail Trade Data: Japanese Retail Trade for December increased by 0.9% monthly and by 3.6% annualized. Economists predicted a decrease of 0.4% and an increase of 2.2%. Forex traders can compare this to Japanese Retail Trade for November which increased by 1.8% monthly and by 2.1% annualized. Large Retailer’s Sales for December increased by 1.1% monthly. Economists predicted an increase of 0.5% monthly. Forex traders can compare this to Large Retailer’s Sales for November which increased by 1.4% monthly.
Should price action for the EURJPY remain inside the or breakdown below the 134.000 to 134.600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 134.300
- Take Profit Zone: 131.150 – 131.700
- Stop Loss Level: 135.000
Should price action for the EURJPY breakout above 134.600 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 134.900
- Take Profit Zone: 136.000 – 136.500
- Stop Loss Level: 134.300
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