Here are the key factors to keep in mind today for US Dollar trades:
- US Housing Starts and Building Permits: US Housing Starts for April are predicted to decrease by 0.7% monthly to 1,310K starts and Building Permits are predicted to decrease by 2.3% monthly to 1,347K permits. Forex traders can compare this to US Housing Starts for March which increased by 1.9% monthly to 1,319K starts and to Building Permits which increased by 2.5% monthly to 1,354K permits.
- US Industrial Production and Manufacturing Production: US Industrial Production for April is predicted to increase by 0.6% monthly and Manufacturing Production is predicted to increase by 0.5% monthly. Forex traders can compare this to US Industrial Production for March which increased by 0.5% monthly and to Manufacturing Production which increased by 0.1% monthly.Capacity Utilization for April is predicted at 78.4%. Forex traders can compare this to Capacity Utilization for March which was reported at 78.0%.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese GDP: The Preliminary Japanese GDP for the first-quarter decreased by 0.2% quarterly and by 0.6% annualized. Economists predicted a flat reading of 0.0% quarterly and a decrease of 0.1% annualized. Forex traders can compare this to the Japanese GDP for the fourth-quarter which increased by 0.1% quarterly and by 0.6% annualized. The Preliminary Nominal GDP for the first-quarter decreased by 0.4% quarterly. Economists predicted an increase of 0.1% quarterly. Forex traders can compare this to the Nominal GDP for the fourth-quarter which increased by 0.1% quarterly. The Preliminary GDP Deflator for the first-quarter decreased by 0.2% annualized. Economists predicted an increase of 0.3% annualized. Forex traders can compare this to the Preliminary GDP Deflator for the fourth-quarter which was reported flat at 0.0% annualized. Preliminary Private Consumption for the first-quarter was reported flat at 0.0% quarterly and Preliminary Business Spending decreased by 0.1% quarterly. Economists predicted a flat reading of 0.0% quarterly and an increase of 0.4% quarterly. Forex traders can compare this to Private Consumption for the fourth-quarter which increased by 0.2% quarterly and to Business Spending for the fourth-quarter which increased by 0.6% quarterly.
- Japanese Industrial Production and Capacity Utilization: Final Japanese Industrial Production for March increased by 1.4% monthly and by 2.4% annualized. Forex traders can compare this to Japanese Industrial Production for February which increased by 1.2% monthly and by 2.2% annualized. Capacity Utilization for March increased by 0.5% monthly. Forex traders can compare this to Capacity Utilization for February which increased by 3.3% monthly.
Should price action for the USDJPY remain inside the or breakdown below the 110.050 to 110.450 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 110.200
- Take Profit Zone: 104.600 – 105.250
- Stop Loss Level: 111.200
Should price action for the USDJPY breakout above 110.450 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 110.800
- Take Profit Zone: 112.600 – 113.250
- Stop Loss Level: 110.050
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