Here are the key factors to keep in mind today for US Dollar trades:
- US GDP: The US GDP for the second-quarter is predicted to increase by 2.7% annualized. Forex traders can compare this to the previous second-quarter GDP which increased by 1.4% annualized. Personal Consumption is predicted to increase by 2.8% annualized. Forex traders can compare this to previous second-quarter Personal Consumption which increased by 1.1% annualized. The GDP Price Index is predicted to increase by 1.3% annualized. Forex traders can compare this to previous second-quarter GDP Price Index which increased by 1.9% annualized. The Core PCE is predicted to increase by 0.7% annualized. Forex traders can compare this to previous second-quarter Core PCE which increased by 2.0% annualized.
- US Employment Cost Index: The US Employment Cost Index for the second-quarter is predicted to increase by 0.6% quarterly. Forex traders can compare this to the US Employment Cost Index for the first-quarter which increased by 0.8% quarterly.
- US Michigan Consumer Confidence: Final US Michigan Consumer Confidence for July is predicted at 93.1. Forex traders can compare this to the previous US Michigan Consumer Confidence for July which was reported at 93.1.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Jobless Rate and Job-to-Applicant Ratio: The Japanese Jobless Rate for June was reported at 2.8% and the Job-to-Applicant Ratio at 1.51. Economists predicted a figure of 3.0% and 1.50. Forex traders can compare this to the Japanese Jobless Rate for May which was reported at 3.1% and to the Job-to-Applicant Ratio which was reported at 1.49.
- Japanese Household Spending: Japanese Household Spending for June increased by 2.3% annualized. Economists predicted an increase of 0.5% annualized. Forex traders can compare this to Japanese Household Spending for May which decreased by 0.1% annualized.
- Japanese National CPI: The Japanese National CPI for June increased by 0.4% annualized. Economists predicted an increase of 0.4% annualized. Forex traders can compare this to the Japanese National CPI for May which increased by 0.4% annualized. The Japanese National Core CPI for June increased by 0.4% annualized. Economists predicted an increase of 0.4% annualized. Forex traders can compare this to the Japanese National Core CPI for May which increased by 0.4% annualized. The Japanese National CPI Excluding Fresh Food for June was reported flat at 0.0% annualized. Economists predicted a decrease of 0.1% annualized. Forex traders can compare this to the Japanese National CPI Excluding Fresh Food for May which was reported flat at 0.0% annualized.
- Japanese Retail Trade Data: Japanese Retail Trade for June increased by 0.2% monthly and by 2.1% annualized. Economists predicted an increase of 0.4% and of 2.4%. Forex traders can compare this to Japanese Retail Trade for May which decreased by 1.5% monthly and which increased by 2.1% annualized. Large Retailer’s Sales for June increased by 0.2% monthly. Economists predicted a decrease of 0.1% monthly. Forex traders can compare this to Large Retailer’s Sales for May which decreased by 0.6% monthly.
Should price action for the USDJPY remain inside the or breakout above the 110.800 to 111.200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 111.000
- Take Profit Zone: 112.500– 113.200
- Stop Loss Level: 110.500
Should price action for the USDJPY breakdown below 110.800 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 110.400
- Take Profit Zone: 108.800 – 109.500
- Stop Loss Level: 111.200
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