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 May was reported at a €22.0B. Economists predicted a figure of €18.7B. Forex traders can compare this to German Trade Balance for April which was reported at €18.1B. Exports increased by 14% monthly and Imports increased by 1.2% monthly. Economists predicted an increase of 0.3% monthly and of 0.3% monthly. Forex traders can compare this to Exports for April which increased by 0.9% monthly and to Imports which increased by 1.2% monthly. The German Current Account Balance for May was reported at a €17.3B. Economists predicted a figure of €15.4B. Forex traders can compare this to the German Current Account Balance for April which was reported at €14.9B.
- Eurozone Sentix Investor Confidence: The Eurozone Sentix Investor Confidence for July was reported at 28.3. Economists predicted a figure of 28.1. Forex traders can compare this to the June Eurozone Sentix Investor Confidence which was reported at 28.4.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Bankruptcies: Japanese Bankruptcies for July decreased by 7.47% annualized. Forex traders can compare this to Japanese Bankruptcies for June which increased by 19.52% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for June was reported at 50.0 and the Japanese Eco Watchers Survey Outlook Index was reported at 50.5. Economists predicted a figure of 49.0 and 50.3. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for May which was reported at 48.6 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 49.6.
Should price action for the EURJPY remain inside the or breakdown below the 129.800 to 130.200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 130.000
- Take Profit Zone: 124.000 – 124.500
- Stop Loss Level: 131.500
Should price action for the EURJPY breakout above 130.200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 130.500
- Take Profit Zone: 133.000 – 133.500
- Stop Loss Level: 129.800
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