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 November is predicted at 53.8. Forex traders can compare this to the first US Markit Manufacturing PMI for November which was reported at 53.8.
- US ISM Manufacturing Index: The US ISM Manufacturing Index for November is predicted at 58.3. Forex traders can compare this to the US ISM Manufacturing Index for October which was reported at 58.7. ISM Prices Paid for November are predicted at 67.8. Forex traders can compare this to ISM Prices Paid for October which were reported at 68.5.
- US Construction Spending: US Construction Spending for October is predicted to increase by 0.5% monthly. Forex traders can compare this to US Construction Spending for September which increased by 0.3% monthly.
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 October was reported at 2.8% and the Job-to-Applicant Ratio at 1.55. Economists predicted a figure of 2.8% and 1.52. Forex traders can compare this to the Japanese Jobless Rate for September which was reported at 2.8% and to the Job-to-Applicant Ratio which was reported at 1.52.
- Japanese Household Spending: Japanese Household Spending for October was reported flat at 0.0% annualized. Economists predicted a decrease of 0.3% annualized. Forex traders can compare this to Japanese Household Spending for September which decreased by 0.3% annualized.
- Japanese National CPI: The Japanese National CPI for October increased by 0.2% annualized. Economists predicted an increase of 0.2% annualized. Forex traders can compare this to the Japanese National CPI for September which increased by 0.7% annualized. The Japanese National Core CPI for October increased by 0.2% annualized. Economists predicted an increase of 0.2% annualized. Forex traders can compare this to the Japanese National Core CPI for September which increased by 0.2% annualized. The Japanese National CPI Excluding Fresh Food for October increased by 0.8% annualized. Economists predicted an increase of 0.8% annualized. Forex traders can compare this to the Japanese National CPI Excluding Fresh Food for September which increased by 0.7% annualized.
- Japanese Company Profits and Japanese Company Sales: Japanese Company Profits for the third-quarter increased by 5.5% and Japanese Company Sales increased by 4.8%. Forex traders can compare this to Japanese Company Profits for the second-quarter which increased by 22.6% and to Japanese Company Sales which increased by 6.7%. Japanese Capital Spending for the third-quarter increased by 4.2% and Japanese Capital Spending excluding Software increased by 4.3%. Economists predicted an increase of 3.2% and of 3.0%. Forex traders can compare this to Japanese Capital Spending for the second-quarter which increased by 1.5% and to Japanese Capital Spending excluding Software which increased by 0.6%.
- Japanese Nikkei Manufacturing PMI: The Final Japanese Nikkei Manufacturing PMI for November was reported at 53.6. Forex traders can compare this to the previous Japanese Nikkei Manufacturing PMI November which was reported at 53.8.
- Japanese Vehicle Sales: Japanese Vehicle Sales for November decreased by 5.4% annualized. Forex traders can compare this to Japanese Vehicle Sales for October which decreased by 4.7% annualized.
Should price action for the USDJPY remain inside the or breakdown below the 112.200 to 112.600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 112.400
- Take Profit Zone: 110.400 – 110.850
- Stop Loss Level: 113.000
Should price action for the USDJPY breakout above 112.600 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 113.000
- Take Profit Zone: 114.400 – 114.700
- Stop Loss Level: 112.600
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