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 October is predicted to increase by 0.80% monthly and by 6.30% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for September which increased by 0.52% monthly and which increased by 6.19% annualized.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for December is predicted at 21. Forex traders can compare this to the US Richmond Fed Manufacturing Index for November which was reported at 30.
- US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for December was reported at 20.0. Forex traders can compare this to the US Dallas Fed Manufacturing Index for November which was reported at 19.4.
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 November was reported at 2.7% and the Job-to-Applicant Ratio at 1.56. Economists predicted a figure of 2.8% and 1.56. Forex traders can compare this to the Japanese Jobless Rate for October which was reported at 2.8% and to the Job-to-Applicant Ratio which was reported at 1.55.
- Japanese Household Spending: Japanese Household Spending for November increased by 1.7% annualized. Economists predicted an increase of 0.5% annualized. Forex traders can compare this to Japanese Household Spending for October which decreased by 0.3% annualized.
- Japanese National CPI: The Japanese National CPI for November increased by 0.6% annualized. Economists predicted an increase of 0.5% annualized. Forex traders can compare this to the Japanese National CPI for October which increased by 0.2% annualized. The Japanese National Core CPI for November increased by 0.9% annualized. Economists predicted an increase of 0.8% annualized. Forex traders can compare this to the Japanese National Core CPI for October which increased by 0.8% annualized. The Japanese National CPI Excluding Fresh Food for November increased by 0.4% annualized. Economists predicted an increase of 0.3% annualized. Forex traders can compare this to the Japanese National CPI Excluding Fresh Food for October which increased by 0.2% annualized.
- Japanese Domestic Corporate Goods Price Index: The Japanese Domestic Corporate Goods Price Index for November increased by 0.9% annualized. Economists predicted an increase of 0.8% annualized. Forex traders can compare this to the Japanese Domestic Corporate Goods Price Index for October which increased by 0.8% annualized.
Should price action for the USDJPY remain inside the or breakdown below the 113.000 to 113.600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 113.300
- Take Profit Zone: 110.300 – 110.850
- Stop Loss Level: 113.850
Should price action for the USDJPY breakout above 113.600 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 113.850
- Take Profit Zone: 114.750 – 115.000
- Stop Loss Level: 113.300
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