Here are the key factors to keep in mind today for Euro trades:
- German Wholesale Price Index: The German Wholesale Price Index for August increased by 0.3% monthly and by 2.4% annualized. Forex traders can compare this to the German Wholesale Price Index for July which decreased by 0.1% monthly and which increased by 2.2% annualized.
- German CPI: The Final German CPI for August increased by 0.1% monthly and by 1.8% annualized. Economists predicted an increase of 0.1% monthly and of 1.8% annualized. Forex traders can compare this to the previous German CPI for August which increased by 0.1% monthly and by 1.8% annualized.
- Eurozone Employment: Eurozone Employment for the second-quarter increased by 0.4% quarterly and by 1.6% annualized. Forex traders can compare this to Eurozone Employment for the first-quarter which increased by 0.5% quarterly and by 1.6% annualized.
- Eurozone Industrial Production: Eurozone Industrial Production for July increased by 0.1% monthly and by 3.2% annualized. Economists predicted an increase of 0.1% monthly and of 3.3% annualized. Forex traders can compare this to Eurozone Industrial Production for June which decreased by 0.6% monthly and which increased by 2.8% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese BSI Large Industry Index and BSI Large Manufacturing Index: The Japanese BSI Large Industry Index for the third-quarter was reported at 5.1 quarterly and the Japanese BSI Large Manufacturing Index was reported at 9.4. Forex traders can compare this to the Japanese BSI Large Industry Index for the second-quarter which was reported at -2.0 and to the Japanese BSI Large Manufacturing Index which was reported at -2.9.
- Japanese Domestic Corporate Goods Price Index: The Japanese Domestic Corporate Goods Price Index for August was reported at 0.0% monthly and increased by 2.9% annualized. Economists predicted an increase of 0.1% monthly and of 3.0% annualized. Forex traders can compare this to the Japanese Domestic Corporate Goods Price Index for July which increased by 0.3% monthly and by 2.6% annualized.
Should price action for the EURJPY remain inside the or breakout above the 131.500 to 132.000 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 131.750
- Take Profit Zone: 134.750 – 135.000
- Stop Loss Level: 130.000
Should price action for the EURJPY breakdown below 131.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 131.000
- Take Profit Zone: 128.000 – 128.500
- Stop Loss Level: 131.750
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