Here are the key factors to keep in mind today for US Dollar trades:
- US Advanced GDP: The US Advanced GDP for the second-quarter is predicted to increase by 2.6% annualized. Forex traders can compare this to the previous US GDP for the second-quarter which increased by 1.1% annualized. Personal Consumption is predicted to increase by 4.3% annualized. Forex traders can compare this to the previous Personal Consumption for the second-quarter which increased by 1.5% annualized. The GDP PPI for the second-quarter is predicted to increase by 1.9% annualized. Forex traders can compare this to the previous GDP PPI for the second-quarter which increased by 0.4% annualized. The Core PCE for the first-quarter is predicted to increase by 2.0% annualized. Forex traders can compare this to the previous Core PCE for the second-quarter which increased by 2.0% annualized.
- US Chicago PMI: The US Chicago PMI for July is predicted at 54.0. Forex traders can compare this to the US Chicago PMI for June which was reported at 56.8.
- US Final Consumer Confidence: The US Final Consumer Confidence for July is predicted at 90.2. Forex traders can compare this to previous Consumer Confidence for July which was reported at 89.5.
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 3.1% and the Job-to-Applicant Ratio at 1.37. Economists predicted a figure of 3.2% and 1.37. Forex traders can compare this to the Japanese Jobless Rate for May which was reported at 3.2% and to the Job-to-Applicant Ratio which was reported at 1.36.
- Japanese Household Spending: Japanese Household Spending for June decreased by 2.2% annualized. Economists predicted a decrease of 0.4% annualized. Forex traders can compare this to Japanese Household Spending for May which decreased by 1.1% annualized.
- Japanese National CPI: The Japanese National CPI for June decreased by 0.4% annualized. Economists predicted a decrease of 0.4% annualized. Forex traders can compare this to the Japanese National CPI for May which decreased by 0.4% annualized. The Japanese National Core CPI for June increased by 0.4% annualized. Economists predicted an increase of 0.5% annualized. Forex traders can compare this to the Japanese National Core CPI for May which increased by 0.6% annualized. The Japanese National CPI Excluding Fresh Food for June decreased by 0.5% annualized. Economists predicted a decrease of 0.4% annualized. Forex traders can compare this to the Japanese National CPI Excluding Fresh Food for May which decreased by 0.4% annualized.
Should price action for the USDJPY remain inside the or breakdown below the 103.250 to 103.750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 103.500
- Take Profit Zone: 99.500 – 100.000
- Stop Loss Level: 105.000
Should price action for the USDJPY breakout above 103.750 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 104.250
- Take Profit Zone: 105.500 – 106.000
- Stop Loss Level: 103.750
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