Here are the key factors to keep in mind today for US Dollar trades:
- US Trade Balance: The US Trade Balance for November is predicted at -$54.0B. Forex traders can compare this to the US Trade Balance for October which was reported at -$55.5B.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of January 5th are predicted at 225K and US Continuing Claims for the week of December 29th are predicted at 1,700K. Forex traders can compare this to US Initial Jobless Claims for the week of December 29th which were reported at 231K and to US Continuing Claims for the week of December 22nd which were reported at 1,740K.
- US Wholesale Inventories: US Final Wholesale Inventories for November are predicted to increase by 0.5% monthly. Forex traders can compare this to previous US Wholesale Inventories for November which increased by 0.5% monthly.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Official Reserve Assets: Japanese Official Reserve Assets for December were reported at $1,271.0B. Forex traders can compare this to Japanese Official Reserve Assets for November which were reported at $1,258.3B.
- 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 January 4th was reported at -¥1,004.3B and Japanese Buying Foreign Stocks was reported at ¥24.6B. Forex traders can compare this to Japanese Buying Foreign Bonds for the period ending December 28th which was reported at -¥312.2B and to Japanese Buying Foreign Stocks which was reported at -¥179.6B. Foreign Buying Japanese Bonds for the period ending January 4th was reported at ¥72.4B and Foreigners Buying Japanese Stocks was reported at -¥248.5B. Forex traders can compare this to Foreign Buying Japanese Bonds for the period ending December 28th which was reported at -¥2,205.0B and to Foreigners Buying Japanese Stocks which was reported at -¥496.4B.
- Japanese Leading Index and Japanese Coincident Index: The Preliminary Japanese Leading Index for November was reported at 99.3 and the Preliminary Japanese Coincident Index was reported at 103.0. Economists predicted a figure of 99.6 and of 103.0. Forex traders can compare this to the Japanese Leading Index for October which was reported at 99.6 and to the Japanese Coincident Index which was reported at 104.9.
Should price action for the USDJPY remain inside the or breakdown below the 107.500 to 108.150 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 107.900
- Take Profit Zone: 104.650 – 105.000
- Stop Loss Level: 109.100
Should price action for the USDJPY breakout above 108.150 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 108.450
- Take Profit Zone: 109.450 – 109.650
- Stop Loss Level: 107.900
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