Here are the key factors to keep in mind today for US Dollar trades:
- US Advanced Retail Sales: US Advanced Retail Sales for February are predicted to increase by 0.3% monthly and Retail Sales Less Autos are predicted to increase by 0.4% monthly. Forex traders can compare this to US Advanced Retail Sales for January which decreased by 0.3% monthly and to Retail Sales Less Autos which were reported flat at 0.0% monthly. Retail Sales Less Autos and Gas for February are predicted to increase by 0.3% monthly and Retail Sales Control Group are predicted to increase by 0.4% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for January which decreased by 0.2% monthly and to Retail Sales Control Group which were reported flat at 0.0% monthly.
- US PPI: The US PPI for February is predicted to increase by 0.1% monthly and by 2.8% annualized. Forex traders can compare this to the US PPI for January which increased by 0.4% monthly and by 2.7% annualized. The US Core PPI for February is predicted to increase by 0.2% monthly and by 2.6% annualized. Forex traders can compare this to the US Core PPI for January which increased by 0.4% monthly and which increased by 2.2% annualized. The US Core PPI ex Trade for February is predicted to increase by 0.2% monthly and by 2.5% annualized. Forex traders can compare this to the US Core PPI ex Trade for January which increased by 0.4% monthly and by 2.5% annualized.
- US Business Inventories: US Business Inventories for January are predicted to increase by 0.6% monthly. Forex traders can compare this to US Business Inventories for December which increased by 0.4% monthly.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Machine Orders: Japanese Machine Orders for January increased by 8.2% monthly and by 2.9% annualized. Economists predicted an increase of 5.2% monthly and a decrease of 0.7% annualized. Forex traders can compare this to Japanese Machine Orders for December which decreased by 11.9% monthly and by 5.0% annualized.
Should price action for the USDJPY remain inside the or breakout above the 106.200 to 106.750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 106.500
- Take Profit Zone: 109.800– 110.500
- Stop Loss Level: 105.250
Should price action for the USDJPY breakdown below 106.200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 105.900
- Take Profit Zone: 102.550 – 103.100
- Stop Loss Level: 106.500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
