Here are the key factors to keep in mind today for US Dollar trades:
- US Advanced Retail Sales: US Advanced Retail Sales for November are predicted to increase by 0.3% monthly and Retail Sales Less Autos are predicted to increase by 0.4% monthly. Forex traders can compare this to US Advanced Retail Sales for October which increased by 0.8% monthly and to Retail Sales Less Autos which increased by 0.8% monthly. Retail Sales Less Autos and Gas for November are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.4% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for October which increased by 0.6% monthly and to Retail Sales Control Group which increased by 0.8% monthly.
- US PPI: The US PPI for November is predicted to increase by 0.1% monthly and by 0.9% annualized. Forex traders can compare this to the US PPI for October which was reported flat at 0.0% monthly and which increased by 0.8% annualized. The US Core PPI for November is predicted to increase by 0.2% monthly and by 1.2% annualized. Forex traders can compare this to the US Core PPI for October which decreased by 0.2% monthly and which increased by 1.3% annualized. The US Core PPI ex Trade for November is predicted to increase by 0.1% monthly and by 1.6% annualized. Forex traders can compare this to the US Core PPI ex Trade for October which decreased by 0.1% monthly and which increased by 1.6% annualized.
- US Industrial Production and Manufacturing Production: US Industrial Production for November is predicted to decrease by 0.4% monthly and US Manufacturing Production by 0.3% monthly. Forex traders can compare this to US Industrial Production for October which was reported flat at 0.0% monthly and US Manufacturing Production which increased by 0.2% monthly. Capacity Utilization for November is predicted at 75.0%. Forex traders can compare this to Capacity Utilization for October which was reported at 75.3%.
- US Business Inventories: US Business Inventories for October are predicted to decrease by 0.1% monthly. Forex traders can compare this to US Business Inventories for September which increased by 0.1% monthly.
- US FOMC Interest Rate Decision: The US FOMC Interest Rate Decision is predicted to show interest rates at 0.75%. Forex traders can compare this to the previous US FOMC Interest Rate Decision which showed interest rates at 0.50%.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Tankan Survey: The Tankan Large Manufacturers Index for the fourth-quarter was reported at 10. Economists predicted a figure of 10. Forex traders can compare this to the Tankan Large Manufacturers Index for the third-quarter which was reported at 6. The Tankan Large Manufacturers Outlook for the fourth-quarter was reported at 8. Economists predicted a figure of 9. Forex traders can compare this to the Tankan Large Manufacturers Outlook for the third-quarter which was reported at 6. The Tankan Large Non-Manufacturers Index for the fourth-quarter was reported at 18. Economists predicted a figure of 19. Forex traders can compare this to the Tankan Large Non-Manufacturers Index for the third-quarter which was reported at 18. The Tankan Large Non-Manufacturers Outlook for the fourth-quarter was reported at 16. Economists predicted a figure of 18. Forex traders can compare this to the Tankan Large Non-Manufacturers Outlook for the third-quarter which was reported at 16. The Tankan Small Manufacturers Index for the fourth-quarter was reported at 1. Economists predicted a figure of -1. Forex traders can compare this to the Tankan Small Manufacturers Index for the third-quarter which was reported at -3. The Tankan Small Manufacturers Outlook for the fourth-quarter was reported at -4. Economists predicted a figure of -2. Forex traders can compare this to the Tankan Small Manufacturers Outlook for the third-quarter which was reported at -5. The Tankan Small Non-Manufacturers Index for the fourth-quarter was reported at 2. Economists predicted a figure of 2. Forex traders can compare this to the Tankan Small Non-Manufacturers Index for the third-quarter which was reported at 1. The Tankan Small Non-Manufacturers Outlook for the fourth-quarter was reported at -2. Economists predicted a figure of 1. Forex traders can compare this to the Tankan Small Non-Manufacturers Outlook for the third-quarter which was reported at -2. The Japanese Tankan Large All Industry Capex Index for the fourth-quarter increased by 5.5% quarterly. Economists predicted an increase of 6.1% quarterly. Forex traders can compare this to the Japanese Tankan Large All Industry Capex Index for the third-quarter which increased by 6.3% quarterly.
Should price action for the USDJPY remain inside the or breakdown below the 114.750 to 115.250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 115.000
- Take Profit Zone: 106.000 – 106.500
- Stop Loss Level: 117.000
Should price action for the USDJPY breakout above 115.250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 115.750
- Take Profit Zone: 119.500 – 120.000
- Stop Loss Level: 114.750
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