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 0.30% monthly and by 4.75% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for September which increased by 0.33% monthly and by 5.15% annualized.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for December is predicted at 15. Forex traders can compare this to the US Richmond Fed Manufacturing Index for November which was reported at 14.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Bank of Japan Core CPI: The Bank of Japan Core CPI for December increased by 0.% annualized. Economists predicted a increase of 0.6%. Forex traders can compare this to the Bank of Japan Core CPI for November which increased by 0.6% annualized.
Should price action for the USDJPY remain inside the or breakdown below the 110.250 to 110.900 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 110.500
- Take Profit Zone: 107.350 – 108.100
- Stop Loss Level: 111.450
Should price action for the USDJPY breakout above 110.900 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 111.200
- Take Profit Zone: 112.700 – 113.000
- Stop Loss Level: 110.500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
