Here are the key factors to keep in mind today for Euro trades:
- German Retail Sales: German Retail Sales for April decreased by 0.2% monthly and by 0.9% annualized. Economists predicted an increase of 0.4% monthly and of 2.2% annualized. Forex traders can compare this to German Retail Sales for March which increased by 0.2% monthly and by 2.9% annualized.
- German Unemployment Change and German Unemployment Rate: The German Unemployment Change for May was reported at -9K and the German Unemployment Rate at 5.7%. Economists predicted a reading of -15K and of 5.7%. Forex traders can compare this to the German Unemployment Change for April which was reported at -15K and to the German Unemployment Rate which was reported at 5.8%.
- Eurozone Unemployment Rate: The Eurozone Unemployment Rate for April is predicted at 9.4%. Forex traders can compare this to the Eurozone Unemployment Rate for March which was reported at 9.5%.
- Eurozone CPI and Eurozone Core CPI: The Eurozone CPI for May is predicted to increase by 1.5% annualized and the Eurozone Core CPI is predicted to increase by 1.0% annualized. Forex traders can compare this to the Eurozone CPI for April which increased by 1.9% annualized and to the Eurozone Core CPI which increased by 1.2% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Vehicle Sales: Japanese Vehicle Sales for April increased by 16.3% annualized. Forex traders can compare this to Japanese Vehicle Sales for March which increased by 4.5% annualized.
- Japanese Housing Starts and Construction Orders: Japanese Housing Starts for April increased by 1.9% annualized to 1.004M units. Economists predicted a decrease of 1.5% annualized to 0.970M units. Forex traders can compare this to Japanese Housing Starts for March which increased by 0.2% annualized to 0.984M units. Construction Orders for April decreased by 0.2% annualized. Forex traders can compare this to Construction Orders for March which increased by 1.1% annualized.
Should price action for the EURJPY remain inside the or breakdown below the 123.500 to 124.000 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 123.750
- Take Profit Zone: 120.500 – 121.000
- Stop Loss Level: 125.000
Should price action for the EURJPY breakout above 124.000 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 124.250
- Take Profit Zone: 125.500 – 126.000
- Stop Loss Level: 123.250
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