Here are the key factors to keep in mind today for US Dollar trades:
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of November 26th are predicted at 253K and US Continuing Claims for the week of November 19th are predicted at 2,040K. Forex traders can compare this to US Initial Jobless Claims for the week of November 19th which were reported at 251K and US Continuing Claims for the week of November 12th which were reported at 2,043K.
- US Markit Manufacturing PMI: The Final US Markit Manufacturing PMI for November is predicted at 53.9. Forex traders can compare this to the previous US Markit Manufacturing PMI for November which was reported at 53.9.
- US Construction Spending: US Construction Spending for October is predicted to increase by 0.6% monthly. Forex traders can compare this to US Construction Spending for September which decreased by 0.4% monthly.
- US ISM Manufacturing Index: The US ISM Manufacturing Index for November is predicted at 52.4. Forex traders can compare this to the US ISM Manufacturing Index for October which was reported at 51.9. ISM Prices Paid for November are predicted at 54.3. Forex traders can compare this to ISM Prices Paid for October which were reported at 54.5.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Company Profits and Japanese Company Sales: Japanese Company Profits for the third-quarter increased by 11.5% and Japanese Company Sales decreased by 1.5%. Forex traders can compare this to Japanese Company Profits for the second-quarter which decreased by 10.0% and to Japanese Company Sales which decreased by 3.5%. Japanese Capital Spending for the third-quarter decreased by 1.3% and Japanese Capital Spending excluding Software decreased by 1.4%. Economists predicted a decrease of 0.4% and of 0.6%. Forex traders can compare this to Japanese Capital Spending for the second-quarter which increased by 3.1% and Japanese Capital Spending excluding Software which increased by 3.1%.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for November 25th was reported at ¥112.3B and Japanese Buying Foreign Stocks which was reported at ¥117.8B. Forex traders can compare this to Japanese Buying Foreign Bonds for November 18th which was reported at -¥260.4B and to Japanese Buying Foreign Stocks which was reported at ¥678.0B. Foreign Buying Japanese Bonds for November 25th was reported at ¥22.0B and Foreigners Buying Japanese Stocks which was reported at ¥330.5B. Forex traders can compare this to Foreign Buying Japanese Bonds for November 18th which was reported at -¥1,109.3B and to Foreigners Buying Japanese Stocks which was reported at ¥461.5B.
- Japanese Nikkei Manufacturing PMI: The Final Japanese Nikkei Manufacturing PMI for November was reported at 51.3. Forex traders can compare this to the previous Japanese Nikkei Manufacturing PMI for November which was reported at 51.1.
- Japanese Vehicle Sales: Japanese Vehicle Sales for November increased by 13.9% annualized. Forex traders can compare this to Japanese Vehicle Sales for October which increased by 0.8% annualized.
Should price action for the USDJPY remain inside the or breakdown below the 113.750 to 114.250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 114.000
- Take Profit Zone: 100.000 – 101.000
- Stop Loss Level: 116.000
Should price action for the USDJPY breakout above 114.250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 114.750
- Take Profit Zone: 116.000 – 116.500
- Stop Loss Level: 113.750
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