Here are the key factors to keep in mind today for US Dollar trades:
- US Markit Manufacturing PMI: The Final US Markit Manufacturing PMI for March is predicted at 55.7. Forex traders can compare this to the first US Markit Manufacturing PMI for March which was reported at 55.7.
- US Construction Spending: US Construction Spending for February is predicted to increase by 0.4% monthly. Forex traders can compare this to US Construction Spending for January which was reported flat at 0.0% monthly.
- US ISM Manufacturing Index: The US ISM Manufacturing Index for March is predicted at 60.0. Forex traders can compare this to the US ISM Manufacturing Index for February which was reported at 60.8. ISM Prices Paid for March are predicted at 72.5. Forex traders can compare this to ISM Prices Paid for February which were reported at 74.2. ISM Employment for March is predicted at 54.5. Forex traders can compare this to ISM Employment for February which were reported at 59.7.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Tankan Survey: The Tankan Large Manufacturers Index for the first-quarter was reported at 24. Economists predicted a figure of 25. Forex traders can compare this to the Tankan Large Manufacturers Index for the fourth-quarter which was reported at 26. The Tankan Large Manufacturers Outlook for the first-quarter was reported at 20. Economists predicted a figure of 22. Forex traders can compare this to the Tankan Large Manufacturers Outlook for the fourth-quarter which was reported at 21. The Tankan Large Non-Manufacturers Index for the first-quarter was reported at 23. Economists predicted a figure of 24. Forex traders can compare this to the Tankan Large Non-Manufacturers Index for the fourth-quarter which was reported at 25. The Tankan Large Non-Manufacturers Outlook for the first-quarter was reported at 20. Economists predicted a figure of 21. Forex traders can compare this to the Tankan Large Non-Manufacturers Outlook for the fourth-quarter which was reported at 20. The Tankan Small Manufacturers Index for the first-quarter was reported at 15. Economists predicted a figure of 14. Forex traders can compare this to the Tankan Small Manufacturers Index for the fourth-quarter which was reported at 15. The Tankan Small Manufacturers Outlook for the first-quarter was reported at 12. Economists predicted a figure of 10. Forex traders can compare this to the Tankan Small Manufacturers Outlook for the fourth-quarter which was reported at 11. The Tankan Small Non-Manufacturers Index for the first-quarter was reported at 10. Economists predicted a figure of 8. Forex traders can compare this to the Tankan Small Non-Manufacturers Index for the fourth-quarter which was reported at 9. The Tankan Small Non-Manufacturers Outlook for the first-quarter was reported at 5. Economists predicted a figure of 5. Forex traders can compare this to the Tankan Small Non-Manufacturers Outlook for the fourth-quarter which was reported at 4. The Japanese Tankan Large All Industry Capex Index for the first-quarter increased by 2.3% quarterly. Economists predicted an increase of 1.0% quarterly. Forex traders can compare this to the Japanese Tankan Large All Industry Capex Index for the fourth-quarter which increased by 6.4% quarterly.
- Japanese Nikkei Manufacturing PMI: The Final Japanese Nikkei Manufacturing PMI for March was reported at 53.1. Forex traders can compare this to the previous Japanese Nikkei Manufacturing PMI March which was reported at 53.2.
- Japanese Vehicle Sales: Japanese Vehicle Sales for March decreased by 4.9% annualized. Forex traders can compare this to Japanese Vehicle Sales for February which decreased by 4.9% annualized.
Should price action for the USDJPY remain inside the or breakdown below the 106.000 to 106.600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 106.300
- Take Profit Zone: 102.550 – 103.100
- Stop Loss Level: 107.850
Should price action for the USDJPY breakout above 106.600 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 106.850
- Take Profit Zone: 109.000 – 109.400
- Stop Loss Level: 106.000
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