Here are the key factors to keep in mind today for US Dollar trades:
- US Personal Income and Personal Spending: US Personal Income for October is predicted to increase by 0.4% monthly and Personal Spending is predicted to increase by 0.4% monthly. Forex traders can compare this to Personal Income for September which increased by 0.2% monthly and to Personal Spending which increased by 0.4% monthly. Real Personal Spending for October is predicted to increase by 0.2% monthly. Forex traders can compare this to Real Personal Spending for September which increased by 0.3% monthly. The PCE Deflator for October is predicted to increase 0.2% monthly and by 2.1% annualized. Forex traders can compare this to the PCE Deflator for September which increased by 0.1% monthly and by 2.0% annualized. The PCE Core Deflator for October is predicted to increase by 0.1% monthly and by 2.1% annualized. Forex traders can compare this to the PCE Core Deflator for September which increased by 0.2% monthly and by 2.0% annualized.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of November 24th are predicted at 221K and US Continuing Claims for the week of November 17th are predicted at 1,664K. Forex traders can compare this to US Initial Jobless Claims for the week of November 17th which were reported at 224K and to US Continuing Claims for the week of November 10th which were reported at 1,668K.
- US Pending Home Sales: US Pending Home Sales for October are predicted to increase by 0.5% monthly and to decrease by 2.8% annualized. Forex traders can compare this to US Pending Home Sales for September which increased by 0.5% monthly and which decreased by 3.4% annualized.
- FOMC Minutes: The US Federal Reserve will release minutes from its last meeting today and forex traders will look for any potential change in the wording used which could give insight to future monetary policy adjustments.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for November 23rd was reported at -¥736.4B and Japanese Buying Foreign Stocks was reported at ¥80.8B. Forex traders can compare this to Japanese Buying Foreign Bonds for November 16th which was reported at -¥145.2B and to Japanese Buying Foreign Stocks which was reported at ¥245.3B. Foreign Buying Japanese Bonds for November 23rd was reported at ¥392.0B and Foreigners Buying Japanese Stocks was reported at -¥195.0B. Forex traders can compare this to Foreign Buying Japanese Bonds for November 16th which was reported at -¥16.1B and to Foreigners Buying Japanese Stocks which was reported at -¥179.2B.
- Japanese Retail Trade Data: Japanese Retail Trade for October increased by 1.2% monthly and by 3.5% annualized. Economists predicted an increase of 0.4% and of 2.7%. Forex traders can compare this to Japanese Retail Trade for September which decreased by 0.2% monthly and which increased by 2.1% annualized. Large Retailer’s Sales for October decreased by 0.8% monthly. Economists predicted an increase of 0.8% monthly. Forex traders can compare this to Large Retailer’s Sales for September which increased by 0.4% monthly.
Should price action for the USDJPY remain inside the or breakdown below the 113.200 to 113.450 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 113.250
- Take Profit Zone: 111.400 – 111.800
- Stop Loss Level: 114.000
Should price action for the USDJPY breakout above 113.450 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 113.650
- Take Profit Zone: 114.550 – 115.000
- Stop Loss Level: 113.250
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