Here are the key factors to keep in mind today for US Dollar trades:
- US Import Price Index: The US Import Price Index for December is predicted to increase by 0.7% monthly and by 1.8% annualized. Forex traders can compare this to the US Import Price Index for November which decreased by 0.3% monthly and by 0.1% annualized.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of January 7th are predicted at 255K and US Continuing Claims for the week of December 31st are predicted at 2,077K. Forex traders can compare this to US Initial Jobless Claims for the week of December 31st which were reported at 235K and US Continuing Claims for the week of December 24th which were reported at 2,112K.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for November was reported at ¥1,415.5B. Economists predicted a figure of ¥1,460.0B. Forex traders can compare this to the Japanese Current Account Balance for October which was reported at ¥1,719.9B. The Japanese Adjusted Current Account Balance for November was reported at ¥1,799.6B. Economists predicted a figure of ¥1,870.4B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for October which was reported at ¥1,928.9B. The Japanese Trade Balance for November was reported at ¥313.4B. Economists predicted a figure of ¥254.4B. Forex traders can compare this to the Japanese Trade Balance for October which was reported at ¥587.6B.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for December was reported at 51.4 and the Japanese Eco Watchers Survey Outlook Index was reported at 50.9. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for November which was reported at 51.4 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 51.3.
Should price action for the USDJPY remain inside the or breakdown below the 114.000 to 114.500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 114.250
- Take Profit Zone: 106.000 – 106.500
- Stop Loss Level: 117.000
Should price action for the USDJPY breakout above 114.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 115.000
- Take Profit Zone: 119.500 – 120.000
- Stop Loss Level: 114.000
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