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 February 23rd are predicted at 221K and US Continuing Claims for the week of February 16th are predicted at 1,733K. Forex traders can compare this to US Initial Jobless Claims for the week of February 16th which were reported at 216K and to US Continuing Claims for the week of February 2nd which were reported at 1,725K.
- US GDP: The Advanced US GDP for the fourth-quarter is predicted to increase by 2.2% annualized. Forex traders can compare this to the third-quarter GDP which increased by 3.4% annualized. Personal Consumption for the fourth-quarter is predicted to increase by 3.6% annualized. Forex traders can compare this to third-quarter Personal Consumption which increased by 3.5% annualized. The GDP Price Index for the fourth-quarter is predicted to increase by 1.7% annualized. Forex traders can compare this to the third-quarter GDP Price Index which increased by 1.8% annualized. The Core PCE for the fourth-quarter is predicted to increase by 1.6% annualized. Forex traders can compare this to the third-quarter Core PCE which increased by 1.6% annualized.
- US Chicago PMI: The US Chicago PMI for February is predicted at 57.8. Forex traders can compare this to the US Chicago PMI for January which was reported at 56.7.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for February is predicted at 2. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for January which was reported at 5.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Industrial Production: Preliminary Japanese Industrial Production for January decreased by 3.7% monthly and was reported flat at 0.0% annualized. Economists predicted a decrease of 2.5% monthly and an increase of 1.3% annualized. Forex traders can compare this to Japanese Industrial Production for December which decreased by 0.1% monthly and by 1.9% annualized.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for the period ending February 22nd was reported at ¥1,014.9B and Japanese Buying Foreign Stocks was reported at -¥200.4B. Forex traders can compare this to Japanese Buying Foreign Bonds for the period ending February 15th which was reported at ¥196.2B and to Japanese Buying Foreign Stocks which was reported at -¥59.1B. Foreign Buying Japanese Bonds for the period ending February 22nd was reported at ¥317.2B and Foreigners Buying Japanese Stocks was reported at -¥15.9B. Forex traders can compare this to Foreign Buying Japanese Bonds for the period ending February 15th which was reported at ¥84.3B and to Foreigners Buying Japanese Stocks which was reported at -¥53.3B.
- Japanese Retail Trade Data: Japanese Retail Trade for January decreased by 2.30% monthly and increased by 0.6% annualized. Economists predicted a decrease of 0.8% and an increase of 1.4%. Forex traders can compare this to Japanese Retail Trade for December which increased by 0.9% monthly and by 1.3% annualized. Large Retailer’s Sales for January decreased by 3.3% monthly. Economists predicted a decrease of 1.8% monthly. Forex traders can compare this to Large Retailer’s Sales for December which decreased by 1.0% monthly.
- Japanese Vehicle Production: Japanese Vehicle Production for December decreased by 0.7% annualized. Forex traders can compare this to Japanese Vehicle Production for November which increased by 4.6% annualized.
- Japanese Housing Starts and Construction Orders: Japanese Housing Starts for January increased by 1.1% annualized to 0.872M units. Economists predicted an increase of 10.3% annualized to 0.953M units. Forex traders can compare this to Japanese Housing Starts for December which increased by 2.1% annualized to 0.961M units. Construction Orders for January increased by 19.2% annualized. Forex traders can compare this to Construction Orders for December which decreased by 3.8% annualized.
Should price action for the USDJPY remain inside the or breakdown below the 110.650 to 111.200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 110.800
- Take Profit Zone: 108.500 – 109.150
- Stop Loss Level: 111.600
Should price action for the USDJPY breakout above 111.200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 111.350
- Take Profit Zone: 112.850 – 113.700
- Stop Loss Level: 110.800
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