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 €19.7B. Economists predicted a figure of €20.2B. Forex traders can compare this to German Trade Balance for April which was reported at €20.4B. Exports increased by 1.8% monthly and Imports increased by 0.7% monthly. Economists predicted an increase of 0.7% monthly and a decrease of 0.5% monthly. Forex traders can compare this to Exports for April which decreased by 0.3% monthly and to Imports which increased by 2.2% monthly. The German Current Account Balance for May was reported at a €12.6B. Economists predicted a figure of €19.8B. Forex traders can compare this to the German Current Account Balance for April which was reported at €22.7B.
- Eurozone Sentix Investor Confidence: Eurozone Sentix Investor Confidence for July was reported at 12.1. Economists predicted a figure of 9.0. Forex traders can compare this to Eurozone Sentix Investor Confidence for June which was reported at 9.3.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for May was reported at ¥1,938.3B. Economists predicted a figure of ¥1,266.0B. Forex traders can compare this to the Japanese Current Account Balance for April which was reported at ¥1,845.1B. The Japanese Adjusted Current Account Balance for May was reported at ¥1,850.0B. Economists predicted a figure of ¥1,184.8B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for April which was reported at ¥1,885.5B. The Japanese Trade Balance for May was reported at -¥303.9B. Economists predicted a figure of -¥483.1B. Forex traders can compare this to the Japanese Trade Balance for April which was reported at ¥573.8B.
- Japanese Bank Lending: Japanese Bank Lending including Trusts for June increased by 2.2% annualized and Japanese Bank Lending excluding Trusts increased by 2.1% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for May which increased by 2.0% annualized and to Japanese Bank Lending excluding Trusts which increased by 1.9% annualized.
- Japanese Bankruptcies: Japanese Bankruptcies for June decreased by 2.26% annualized. Forex traders can compare this to Japanese Bankruptcies for May which decreased by 4.36% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for June was reported at 48.1 and the Japanese Eco Watchers Survey Outlook Index was reported at 50.0. Economists predicted a figure of 48.1 and of 50.1. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for May which was reported at 47.1 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 49.2.
Should price action for the EURJPY remain inside the or breakout above the 129.600 to 130.350 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 129.900
- Take Profit Zone: 132.950 – 133.450
- Stop Loss Level: 128.500
Should price action for the EURJPY breakdown below 129.600 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 129.200
- Take Profit Zone: 126.650 – 127.000
- Stop Loss Level: 129.900
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