Here are the key factors to keep in mind today for US Dollar trades:

• US Chicago Fed National Activity Index: The US Chicago Fed National Activity Index for December is predicted at 0.20. Forex traders can compare this to the US Chicago Fed National Activity Index for November which was reported at 0.22.
• US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for January is predicted at -2.7. Forex traders can compare this to the US Dallas Fed Manufacturing Index for December which was reported at -5.1.

Here is the key factor to keep in mind today for Japanese Yen trades:

• Japanese Corporate Service Price Index: The Japanese Corporate Service Price Index for December increased by 1.1% annualized. Economists predicted an increase of 1.2% annualized. Forex traders can compare this to the Japanese Corporate Service Price Index for November which increased by 1.2% annualized.

Should price action for the USDJPY remain inside the or breakdown below the 109.150 to 109.550 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 109.350
• Take Profit Zone: 107.500 – 108.000
• Stop Loss Level: 110.000

Should price action for the USDJPY breakout above 109.550 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 109.700
• Take Profit Zone: 110.450 – 110.800
• Stop Loss Level: 109.350

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.