Here are the key factors to keep in mind today for Euro trades:
- Eurozone Trade Balance: The Eurozone Trade Balance for January was reported at €19.9B. Economists predicted a figure of €22.3B. Forex traders can compare this to the Eurozone Trade Balance for December which was reported at €23.2B.
- Eurozone Construction Output: Eurozone Construction Output for January decreased by 2.2% monthly and increased by 3.7% annualized. Forex traders can compare this to Eurozone Construction Output for December which increased by 0.7% monthly and by 0.5% annualized.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Trade Balance: The Japanese Trade Balance for February was reported at ¥3.4B. Economists predicted a figure of ¥89.1B. Forex traders can compare this to the Japanese Trade Balance for January which was reported at -¥944.1B. The Japanese Adjusted Trade Balance for February was reported at -¥201.5B. Economists predicted a figure of -¥90.8B. Forex traders can compare this to the Japanese Adjusted Trade Balance for January which was reported at ¥352.3B. Exports increased by 1.8% annualized and Imports increased by 16.5% annualized. Economists predicted an increase of 1.4% and of 16.0%. Forex traders can compare this to Exports for January which increased by 12.3% annualized and to Imports which increased by 7.7% annualized.
Should price action for the EURJPY remain inside the or breakout above the 130.000 to 130.800 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 130.400
- Take Profit Zone: 133.100 – 133.850
- Stop Loss Level: 129.600
Should price action for the EURJPY breakdown below 130.000 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 129.600
- Take Profit Zone: 127.550 – 127.800
- Stop Loss Level: 130.000
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
