Here are the key factors to keep in mind today for US Dollar trades:
- US Durable Goods Orders: US Durable Goods Orders for July are predicted to increase by 3.4% monthly and Durables Excluding Transportation are predicted to increase by 0.4% monthly. Forex traders can compare this to US Durable Goods Orders for June which decreased by 3.9% monthly and Durables Excluding Transportation which decreased by 0.4% monthly. Capital Goods Orders Non-Defense Excluding Aircraft are predicted to increase by 0.2% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicated to increase by 0.3% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for June which increased by 0.4% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft which decreased by 0.2% monthly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of August 20th are predicted at 265K and US Continuing Claims for the week of August 13th are predicted at 2,155K. Forex traders can compare this to US Initial Jobless Claims for the week of August 13th which were reported at 262K and US Continuing Claims for the week of August 5th which were reported at 2,175K.
- US Markit Services PMI and Markit Composite PMI: The US Preliminary Markit Services PMI for August is predicted at 51.8. Forex traders can compare this to the first US Markit Services PMI for August which was reported at 51.4. The US Preliminary Markit Composite PMI for August is predicted at 51.8. Forex traders can compare this to the first US Markit Composite PMI for August which was reported at 51.8.
- US Kansas City Fed Manufacturing Index: The US Kansas City Fed Manufacturing Index for August is predicted at -2. Forex traders can compare this to the US Kansas City Fed Manufacturing Index for JUly which was reported at -6.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for August 19th was reported at ¥433.1B and Japanese Buying Foreign Stocks which was reported at ¥142.7B. Forex traders can compare this to Japanese Buying Foreign Bonds for August 12th which was reported at ¥1,297.6B and to Japanese Buying Foreign Stocks which was reported at ¥141.4B. Foreign Buying Japanese Bonds for August 19th was reported at ¥298.1B and Foreigners Buying Japanese Stocks which was reported at -¥299.6B. Forex traders can compare this to Foreign Buying Japanese Bonds for August 12th which was reported at ¥474.8B and to Foreigners Buying Japanese Stocks which was reported at ¥94.5B.
Should price action for the USDJPY remain inside the or breakout above the 100.250 to 100.750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 100.500
- Take Profit Zone: 106.000– 106.500
- Stop Loss Level: 99.000
Should price action for the USDJPY breakdown below 100.250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 99.750
- Take Profit Zone: 98.000 – 99.000
- Stop Loss Level: 100.750
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