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 November 3rd are predicted at 214K and US Continuing Claims for the week of October 27th are predicted at 1,635K. Forex traders can compare this to US Initial Jobless Claims for the week of October 27th which were reported at 214K and to US Continuing Claims for the week of October 20th which were reported at 1,631K.
- US FOMC Interest Rate Decision: The US FOMC Interest Rate Decision is predicted to show Upper Bound interest Rates at 2.25% and Lowe Bound Interest Rates at 2.00%. Forex traders can compare this to the previous US FOMC Interest Rate Decision which showed Upper Bound interest Rates at 2.25% and Lower Bound Interest Rates at 2.00%.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Machine Orders: Japanese Machine Orders for September decreased by 18.3% monthly and by 7.0% annualized. Economists predicted a decrease of 9.0% monthly and an increase of 7.7% annualized. Forex traders can compare this to Japanese Machine Orders for August which increased by 6.8% monthly and by 12.6% annualized.
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for September was reported at ¥1,821.6B. Economists predicted a figure of ¥1,786.5B. Forex traders can compare this to the Japanese Current Account Balance for August which was reported at ¥1,838.4B. The Japanese Adjusted Current Account Balance for September was reported at ¥1,334.0B. Economists predicted a figure of ¥1,349.9B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for August which was reported at ¥1,428.8B. The Japanese Trade Balance for September was reported at ¥323.3B. Economists predicted a figure of ¥334.2B. Forex traders can compare this to the Japanese Trade Balance for August which was reported at -¥219.3B.
- Japanese Bank Lending: Japanese Bank Lending including Trusts for October increased by 2.2% annualized and Japanese Bank Lending excluding Trusts increased by 2.2% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for September which increased by 2.3% annualized and to Japanese Bank Lending excluding Trusts which increased by 2.3% annualized.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for November 2nd was reported at -¥167.3B and Japanese Buying Foreign Stocks was reported at ¥463.7B. Forex traders can compare this to Japanese Buying Foreign Bonds for October 26th which was reported at -¥1,077.8B and to Japanese Buying Foreign Stocks which was reported at ¥2.7B. Foreign Buying Japanese Bonds for November 2nd was reported at ¥547.4B and Foreigners Buying Japanese Stocks was reported at ¥107.6B. Forex traders can compare this to Foreign Buying Japanese Bonds for October 26th which was reported at ¥556.8B and to Foreigners Buying Japanese Stocks which was reported at -¥349.0B.
- Japanese Bankruptcies: Japanese Bankruptcies for October decreased by 0.40% annualized. Forex traders can compare this to Japanese Bankruptcies for September which decreased by 8.54% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for October was reported at 49.5 and the Japanese Eco Watchers Survey Outlook Index was reported at 50.6. Economists predicted a figure of 48.7 and of 50.3. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for September which was reported at 48.6 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 51.3.
Should price action for the USDJPY remain inside the or breakdown below the 113.450 to 114.050 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 113.700
- Take Profit Zone: 111.400 – 111.800
- Stop Loss Level: 114.550
Should price action for the USDJPY breakout above 114.050 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 114.150
- Take Profit Zone: 115.000 – 115.500
- Stop Loss Level: 113.700
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