Here are the key factors to keep in mind today for US Dollar trades:
- US House Price Index: The US House Price Index for January is predicted to increase by 0.4% monthly. Forex traders can compare this to US House Price Index for December which increased by 0.4% monthly.
- US Existing Home Sales: US Existing Home Sales for February are predicted to decrease by 2.3% monthly to 5.56M. Forex traders can compare this to US Existing Home Sales for January which increased by 3.3% monthly to 5.69M.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese All Industry Activity Index: The Japanese All Industry Activity Index for January increased by 0.1% monthly. Economists predicted a flat reading of 0.0% monthly. Forex traders can compare this to the Japanese All Industry Activity Index for December which decreased by 0.2% monthly.
- Japanese Supermarket Sales: Japanese Supermarket Sales for February decreased by 3.3% annualized. Forex traders can compare this to Japanese Supermarket Sales for January which decreased by 1.6% annualized. Japanese Nationwide Department Store Sales for February decreased by 1.7% annualized. Forex traders can compare this to Japanese Nationwide Department Store Sales for January which decreased by 1.2% annualized.
Should price action for the USDJPY remain inside the or breakdown below the 110.750 to 111.250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 111.000
- Take Profit Zone: 104.500 – 105.500
- Stop Loss Level: 115.000
Should price action for the USDJPY breakout above 111.250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 112.000
- Take Profit Zone: 115.000 – 116.000
- Stop Loss Level: 110.750
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
