The Preliminary Japanese Current Account Balance for April was reported at ¥260.3B. Economists predicted a figure of ¥480.0B. Forex traders can compare this to the Japanese Current Account Balance for March, which was reported at ¥1,971.0B. The Final Japanese GDP for the first quarter decreased by 0.6% quarterly and by 2.2% annualized. Economists predicted a decrease of 0.5% and 2.1%. Forex traders can compare this to the Japanese GDP for the fourth quarter, which decreased by 0.9% quarterly and by 3.4% annualized. Final Private Consumption for the first quarter decreased by 0.8% quarterly, and Final Capital Expenditure increased by 1.9% quarterly. Economists predicted a decrease of 0.7% and an increase of 1.4%. Forex traders can compare this to Private Consumption for the fourth quarter, which decreased by 2.8% quarterly and to Capital Expenditure, which decreased by 0.5% quarterly. Final External Demand for the first quarter decreased by 0.2% quarterly. Economists predicted a decrease of 0.2%. Forex traders can compare this to External Demand for the fourth quarter, which increased by 0.5% quarterly.
Our Analysis:
Should price action for the EURJPY remain inside the or breakdown below the 123.450 to 124.450 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 123.750
- Take Profit Zone: 117.000 – 117.800
- Stop Loss Level: 125.000
Alternative scenario:
Should price action for the EURJPY breakout above 124.450 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 125.000
- Take Profit Zone: 126.800 – 127.500
- Stop Loss Level: 124.450
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