Here are the key factors to keep in mind today for US Dollar trades:

• US CPI and Core CPI: The US CPI for March is predicted to increase by 0.4% monthly and by 1.8% annualized. Forex traders can compare this to the US CPI for February which increased by 0.2% monthly and by 1.5% annualized. The US Core CPI for March is predicted to increase by 0.2% monthly and by 2.1% annualized. Forex traders can compare this to the US Core CPI for February which increased by 0.1% monthly by 2.1% annualized.
• FOMC Minutes: The US Federal Reserve will release minutes from its last meeting today and forex traders will look for any potential change in the wording used which could give insight to future monetary policy adjustments.
• US Monthly Budget Statement: The US Monthly Budget Statement for March is predicted at -$200.0B. Forex traders can compare this to the US Monthly Budget Statement for February which was reported at -$234.0B.

Here are the key factors to keep in mind today for Japanese Yen trades:

• Japanese Domestic Corporate Goods Price Index: The Japanese Domestic Corporate Goods Price Index for March increased by 0.3% monthly and by 1.3% annualized. Economists predicted an increase of 0.2% monthly and of 1.0% annualized. Forex traders can compare this to the Japanese Domestic Corporate Goods Price Index for February which increased by 0.3% monthly by 0.9% annualized.
• Japanese Machine Orders: Japanese Machine Orders for February increased by 1.8% monthly and decreased by 5.5% annualized. Economists predicted an increase of 2.8% monthly and a decrease of 4.6% annualized. Forex traders can compare this to Japanese Machine Orders for January which decreased by 5.4% monthly and by 2.9% annualized.
• Japanese Bank Lending: Japanese Bank Lending including Trusts for March increased by 2.5% annualized and Japanese Bank Lending excluding Trusts increased by 2.5% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for February which increased by 2.3% annualized and to Japanese Bank Lending excluding Trusts which increased by 2.4% annualized.
• Japanese Machine Tool Orders: Japanese Preliminary Machine Tool Orders for March decreased by 28.5% annualized. Forex traders can compare this to Japanese Machine Tool Orders for February which decreased by 29.3% annualized.

Should price action for the USDJPY remain inside the or breakdown below the 110.950 to 111.550 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 111.150
• Take Profit Zone: 109.450 – 109.700
• Stop Loss Level: 111.800

Should price action for the USDJPY breakout above 111.550 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 111.700
• Take Profit Zone: 112.700 – 113.200
• Stop Loss Level: 111.150

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