Article Highlights

  • Japanese industrial production revised up from 1.0% to 1.2% in April
  • Japan’s tertiary industry activity index down by 0.2% vs. projected 0.4% uptick
  • Euro zone industrial production and U.K. construction output data due
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Traders were probably glued to the tube watching the NBA Finals game which was more action-packed compared to forex price action in today’s Asian session. Major pairs refused to budge from their comfy ranges, as EUR/USD is cruising sideways around 1.1235 (-0.09%) and GBP/USD is holding on to a 10-pip lead (+0.05%). Comdolls are also little changed against the U.S. dollar, with AUD/USD down 12 pips (-0.10%), NZD/USD lower by 3 pips (-0.04%), and USD/CAD down by 5 pips (-0.03%).

Only a couple of medium-tier reports were released from Japan, namely the revised industrial production figure and the tertiary industry activity index for April. The results were mixed, with the industrial production report featuring an upgrade from 1.0% to 1.2% and the tertiary industry activity index printing a 0.2% decline instead of the projected 0.4% uptick.

USD/JPY barely reacted to these reports, as the pair is moving sideways around 123.40 (+0.01%). GBP/JPY is holding steady above the 191.40 area (-0.02%) while EUR/JPY is down 20 pips (-0.17%) following reports that the IMF contingent in the Greek debt debates stomped out of the room.

With that, any major updates regarding the debt talks could continue to push euro pairs around, although it looks like the standstill might last much longer from here. Forex traders could still take their cues from the medium-tier reports lined up from the euro zone and the U.K., namely the former’s industrial production report and the latter’s construction output data.

U.S. Session Recap

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis. Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!