Wednesday will see the release of major Japanese data on consumer confidence. The following are some trade ideas based on the forecast and projections for the economic event. For USD/JPY you want to but it on dips near 102 with a stop on 101.50 and set the target at 104.20. As for the EUR/JPY, the pair experienced a rising wedge formation last week. If the pair breaks the wedge then 145.66 will be exposed, the high of December of last year. A potentially profitable strategy may be to purchase the pair around 143.6 and sell below channel support (140.90). Remember that bullish momentum is likely for the pair if the reports come in better than expected.
Written by Daniel Elo, analyst for www.EconomicCalendar.com
