Here are the key factors to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for January are predicted to increase by 9.9% monthly to 1,184K starts and Building Permits are predicted to decrease by 2.9% monthly to 1,287K permits. Forex traders can compare this to US Housing Starts for December which decreased by 11.2% monthly to 1,078K starts and to Building Permits which increased by 0.3% monthly to 1,326K permits.
- US NFP Report: The US NFP Report for February is predicted to show 180K job additions and an unemployment rate of 3.9%. Forex traders can compare this to the US NFP Report for January which showed 304K job additions and an unemployment rate of 4.0%. Private Payrolls for February are predicted to show 187K job additions and Manufacturing Payrolls 10K job additions. Forex traders can compare this to Private Payrolls for January which showed 296K job additions and Manufacturing Payrolls which showed 13K job additions. The Average Work Week for February is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for January which was reported at 34.5 hours. Average Hourly Earnings for February are predicted to increase by 0.3% monthly and by 3.3% annualized. Forex traders can compare this to Average Hourly Earnings for January which increased by 0.1% monthly and by 3.2% annualized. The Labor Force Participation Rate for February is predicted at 63.1%. Forex traders can compare this to the Labor Force Participation Rate for January which was reported at 63.2%.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Household Spending: Japanese Household Spending for January increased by 2.0% annualized. Economists predicted a decrease of 0.5% annualized. Forex traders can compare this to Japanese Household Spending for December which increased by 0.1% annualized.
- Japanese GDP: The Final Japanese GDP for the fourth-quarter increased by 0.5% quarterly and by 1.9% annualized. Economists predicted an increase of 0.4% quarterly and of 1.7% annualized. Forex traders can compare this to the previous Japanese GDP for the fourth-quarter which increased by 0.3% quarterly and by 1.4% annualized. The Final Nominal GDP for the fourth-quarter increased by 0.4% quarterly. Economists predicted an increase of 0.3% quarterly. Forex traders can compare this to the previous Nominal GDP for the fourth-quarter which increased by 0.3% quarterly. The Final GDP Deflator for the fourth-quarter decreased by 0.3% annualized. Economists predicted a decrease of 0.3% annualized. Forex traders can compare this to the previous GDP Deflator for the fourth-quarter which decreased by 0.3% annualized. Final Private Consumption for the fourth-quarter increased by 0.4% quarterly and Final Business Spending increased by 2.7% quarterly. Economists predicted an increase of 0.6% quarterly and of 2.7% quarterly. Forex traders can compare this to previous Private Consumption for the fourth-quarter which increased by 0.6% quarterly and to previous Business Spending for the fourth-quarter which increased by 2.4% quarterly.
- Japanese Current Account Balance and Trade Balance: The Preliminary Japanese Current Account Balance for January was reported at ¥600.4B. Economists predicted a figure of ¥161.0B. Forex traders can compare this to the Japanese Current Account Balance for December which was reported at ¥452.8B. The Preliminary Japanese Adjusted Current Account Balance for January was reported at ¥600.4B. Economists predicted a figure of ¥1,374.9B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for December which was reported at ¥1,562.3B. The Preliminary Japanese Trade Balance for January was reported at -¥964.8B. Economists predicted a figure of -¥1,113.1B. Forex traders can compare this to the Japanese Trade Balance for December which was reported at ¥216.2B.
- Japanese Bank Lending: Japanese Bank Lending including Trusts for February increased by 2.3% annualized and Japanese Bank Lending excluding Trusts increased by 2.4% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for January which increased by 2.4% annualized and to Japanese Bank Lending excluding Trusts which increased by 2.4% annualized.
- Japanese Bankruptcies: Japanese Bankruptcies for February decreased by 4.53% annualized. Forex traders can compare this to Japanese Bankruptcies for January which increased by 4.88% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for February was reported at 47.5 and the Japanese Eco Watchers Survey Outlook Index was reported at 48.9. Economists predicted a figure of 46.2 and of 49.8. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for January which was reported at 45.6 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 49.4.
Should price action for the USDJPY remain inside the or breakdown below the 110.650 to 111.650 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 111.000
- Take Profit Zone: 107.500 – 108.000
- Stop Loss Level: 112.100
Should price action for the USDJPY breakout above 111.650 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 111.850
- Take Profit Zone: 113.200 – 113.700
- Stop Loss Level: 111.000
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