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

• US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for June is predicted to increase by 0.1% monthly and by 5.4% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for May which increased by 0.1% monthly and which increased by 5.7% annualized.
• US Consumer Confidence: US Consumer Confidence for August is predicted at 120.7. Forex traders can compare this to US Consumer Confidence for July which was reported at 121.1.

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

• Japanese Jobless Rate and Job-to-Applicant Ratio: The Japanese Jobless Rate for July was reported at 2.8% and the Job-to-Applicant Ratio at 1.52. Economists predicted a figure of 3.8% and 1.52. Forex traders can compare this to the Japanese Jobless Rate for June which was reported at 2.8% and to the Job-to-Applicant Ratio which was reported at 1.51.
• Japanese Household Spending: Japanese Household Spending for July decreased by 0.2% annualized. Economists predicted an increase of 0.7% annualized. Forex traders can compare this to Japanese Household Spending for June which increased by 2.3% annualized.

Should price action for the USDJPY remain inside the or breakout above the 108.200 to 108.600 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 108.400
• Take Profit Zone: 110.400– 110.900
• Stop Loss Level: 107.900

Should price action for the USDJPY breakdown below 108.200 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 107.900
• Take Profit Zone: 106.400 – 106.900
• Stop Loss Level: 108.400

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.