Here are the key factors to keep in mind today for US Dollar trades:
- US CPI and Core CPI: The US CPI for May is predicted flat at 0.0% monthly and to increase by 2.0% annualized. Forex traders can compare this to the US CPI for April which increased by 0.2% monthly and by 2.2% annualized. The US Core CPI for May is predicted to increase by 0.2% monthly and by 1.9% annualized. Forex traders can compare this to the US Core CPI for April which increased by 0.1% monthly by 1.9% annualized.
- US Advanced Retail Sales: US Advanced Retail Sales for May are predicted to increase by 0.1% monthly and Retail Sales Less Autos are predicted to increase by 0.2% monthly. Forex traders can compare this to US Advanced Retail Sales for April which increased by 0.4% monthly and to Retail Sales Less Autos which increased by 0.3% monthly. Retail Sales Less Autos and Gas for May are predicted to increase by 0.3% monthly and Retail Sales Control Group are predicted to increase by 0.3% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for April which increased by 0.3% monthly and to Retail Sales Control Group which increased by 0.2% monthly.
- US Business Inventories: US Business Inventories for April are predicted to decrease by 0.1% monthly. Forex traders can compare this to US Business Inventories for March which increased by 0.2% monthly.
- US FOMC Interest Rate Decision: The US FOMC Interest Rate Decision is predicted to show interest rates at 1.00%. Forex traders can compare this to the previous US FOMC Interest Rate Decision which showed interest rates at 0.75%.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Industrial Production: Final Japanese Industrial Production for April increased by 4.0% monthly and by 5.7% annualized. Forex traders can compare this to initial Japanese Industrial Production for April which increased by 4.0% monthly and by 5.7% annualized. Capacity Utilization for April increased by 4.3% monthly. Forex traders can compare this to Capacity Utilization for March which decreased by 1.6% monthly.
Should price action for the USDJPY remain inside the or breakout above the 109.750 to 110.250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 110.000
- Take Profit Zone: 113.750– 114.250
- Stop Loss Level: 108.000
Should price action for the USDJPY breakdown below 109.750 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 109.500
- Take Profit Zone: 107.500 – 108.000
- Stop Loss Level: 110.250
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
