Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for June is predicted to show 180K job additions and an unemployment rate of 4.8%. Forex traders can compare this to the US NFP Report for May which showed 38K job additions and an unemployment rate of 4.7%. Private Payrolls for June are predicted to show 177K job additions and Manufacturing Payrolls 4K job additions. Forex traders can compare this to Private Payrolls for May which showed 25K job additions and Manufacturing Payrolls which showed 10K job losses. The Average Work Week for June is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for May which was 34.4 hours. Average Hourly Earnings for June are predicted to increase by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to Average Hourly Earnings for May which increased by 0.2% monthly and by 2.5% annualized.
- US Consumer Credit: US Consumer Credit for May is predicted at $17.000B. Forex traders can compare this to US Consumer Credit for April which was reported at $13.416B.
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 May was reported at ¥1,809.0B. Economists predicted a figure of ¥1,751.2B. Forex traders can compare this to the Japanese Current Account Balance for April which was reported at ¥1,878.5B. The Japanese Adjusted Current Account Balance for May was reported at ¥1,414.5B. Economists predicted a figure of ¥1,515.4B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for April which was reported at ¥1.625.8B. The Japanese Trade Balance for May was reported at ¥39.9B. Economists predicted a figure of ¥56.0B. Forex traders can compare this to the Japanese Trade Balance for April which was reported at ¥697.1B.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for June was reported at 41.2 and the Japanese Eco Watchers Survey Outlook Index at 41.5. Economists predicted a figure of 43.1 and 46.7. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for May which was reported at 43.0 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 47.3.
Should price action for the USDJPY remain inside the or breakout above the 100.250 to 100.750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 100.500
- Take Profit Zone: 106.000– 106.500
- Stop Loss Level: 99.000
Should price action for the USDJPY breakdown below 100.250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 99.750
- Take Profit Zone: 98.000 – 99.000
- Stop Loss Level: 100.750
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
