Here is the key factor to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for March are predicted to increase by 5.9% monthly to 1,230K starts and Building Permits are predicted to increase by 0.7% monthly to 1,300K permits. Forex traders can compare this to US Housing Starts for February which decreased by 8.7% monthly to 1,162K starts and to Building Permits which decreased by 1.6% monthly to 1,296K permits.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese National CPI: The Japanese National CPI for March increased by 0.5% annualized. Economists predicted an increase of 0.5% annualized. Forex traders can compare this to the Japanese National CPI for February which increased by 0.2% annualized. The Japanese National Core CPI for March increased by 0.4% annualized. Economists predicted an increase of 0.4% annualized. Forex traders can compare this to the Japanese National Core CPI for February which increased by 0.4% annualized. The Japanese National CPI Excluding Fresh Food for March increased by 0.8% annualized. Economists predicted an increase of 0.7% annualized. Forex traders can compare this to the Japanese National CPI Excluding Fresh Food for February which increased by 0.7% annualized.
Should price action for the USDJPY remain inside the or breakdown below the 111.750 to 112.150 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 111.900
- Take Profit Zone: 108.500 – 109.700
- Stop Loss Level: 112.950
Should price action for the USDJPY breakout above 112.150 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 112.500
- Take Profit Zone: 113.700 – 114.550
- Stop Loss Level: 111.900
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
