Here are the key factors to keep in mind today for US Dollar trades:
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of October 28th are predicted at 235K and US Continuing Claims for the week of October 21st are predicted at 1,897K. Forex traders can compare this to US Initial Jobless Claims for the week of October 21st which were reported at 233K and US Continuing Claims for the week of October 14th which were reported at 1,893K.
- US Non-Farm Productivity and Unit Labor Costs: Preliminary US Non-Farm Productivity for the third-quarter is predicted to increase by 2.5% quarterly and Unit Labor Costs are predicted to increase by 0.4% quarterly. Forex traders can compare this to US Non-Farm Productivity for the second-quarter which increased by 1.5% quarterly and to Unit Labor Costs which increased by 0.2% quarterly.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Monetary Base and Monetary Base end of Period: The Japanese Monetary Base for October increased by 14.5% annualized and the Monetary Base end of Period was reported at ¥476.6T. Forex traders can compare this to the Japanese Monetary Base for September which increased by 15.6% annualized and to the Monetary Base end of Period which was reported at ¥474.7T.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for October 27th was reported at -¥1,084.2B and Japanese Buying Foreign Stocks was reported at ¥369.5B. Forex traders can compare this to Japanese Buying Foreign Bonds for October 20th which was reported at ¥11.2B and to Japanese Buying Foreign Stocks which was reported at ¥55.1B. Foreign Buying Japanese Bonds for October 27th was reported at ¥81.7B and Foreigners Buying Japanese Stocks was reported at ¥697.0B. Forex traders can compare this to Foreign Buying Japanese Bonds for October 20th which was reported at -¥421.6B and to Foreigners Buying Japanese Stocks which was reported at ¥683.3B.
- Japanese Consumer Confidence: Japanese Consumer Confidence for October was reported at 44.5. Economists predicted a figure of 43.6. Forex traders can compare this to Japanese Consumer Confidence for September which was reported at 43.9.
Should price action for the USDJPY remain inside the or breakdown below the 113.800 to 114.200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 114.000
- Take Profit Zone: 111.650 – 112.000
- Stop Loss Level: 115.000
Should price action for the USDJPY breakout above 114.200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 114.500
- Take Profit Zone: 115.500 – 116.000
- Stop Loss Level: 114.000
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