Here are the key factors to keep in mind today for US Dollar trades:
- US CPI and Core CPI: The US CPI for October is predicted to increase by 0.1% monthly and by 2.0% annualized. Forex traders can compare this to the US CPI for September which increased by 0.5% monthly and by 2.2% annualized. The US Core CPI for October is predicted to increase by 0.2% monthly and by 1.7% annualized. Forex traders can compare this to the US Core CPI for September which increased by 0.1% monthly by 1.7% annualized.
- US Empire Manufacturing Index: The US Empire Manufacturing Index for November is predicted at 25.0. Forex traders can compare this to the US Empire Manufacturing Index for October which was reported at 30.2.
- US Advanced Retail Sales: US Advanced Retail Sales for October are predicted flat at 0.0% 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 September which increased by 1.6% monthly and to Retail Sales Less Autos which increased by 1.0% monthly. Retail Sales Less Autos and Gas for October 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 September which increased by 0.5% monthly and to Retail Sales Control Group which increased by 0.4% monthly.
- US Business Inventories: US Business Inventories for September are predicted flat at 0.0% monthly. Forex traders can compare this to US Business Inventories for August which increased by 0.7% monthly.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese GDP: The Preliminary Japanese GDP for the third-quarter increased by 0.3% quarterly and by 1.4% annualized. Economists predicted an increase of 0.4% quarterly and of 1.5% annualized. Forex traders can compare this to the Japanese GDP for the second-quarter which increased by 0.6% quarterly and by 2.6% annualized. The Preliminary Nominal GDP for the third-quarter increased by 0.6% quarterly. Economists predicted an increase of 0.6% quarterly. Forex traders can compare this to the Nominal GDP for the second-quarter which increased by 0.6% quarterly. The Preliminary GDP Deflator for the third-quarter increased by 0.1% annualized. Economists predicted an increase of 0.1% annualized. Forex traders can compare this to the Preliminary GDP Deflator for the second-quarter which decreased by 0.4% annualized. Preliminary Private Consumption for the third-quarter decreased by 0.5% quarterly and Preliminary Business Spending increased by 0.2% quarterly. Economists predicted a decrease of 0.4% quarterly and an increase of 0.3% quarterly. Forex traders can compare this to Private Consumption for the second-quarter which increased by 0.7% quarterly and to Business Spending for the second-quarter which increased by 0.5% quarterly.
- Japanese Industrial Production and Capacity Utilization: Final Japanese Industrial Production for September decreased by 1.0% monthly and increased by 2.6% annualized. Forex traders can compare this to the previous Japanese Industrial Production for September which decreased by 1.1% monthly and which increased by 2.5% annualized. Final Capacity Utilization for September decreased by 1.5% monthly. Forex traders can compare this to previous Capacity Utilization for September which increased by 3.3% monthly.
Should price action for the USDJPY remain inside the or breakdown below the 112.600 to 112.900 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 112.750
- Take Profit Zone: 107.500 – 108.000
- Stop Loss Level: 113.900
Should price action for the USDJPY breakout above 112.900 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 113.250
- Take Profit Zone: 114.500 – 114.750
- Stop Loss Level: 112.900
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