Here are the key factors to keep in mind today for US Dollar trades:
- US Import and Export Price Index: The US Import Price Index for September is predicted to increase by 0.2% monthly and by 3.1% annualized. Forex traders can compare this to the US Import Price Index for August which decreased by 0.6% monthly and which increased by 3.7% annualized. The US Import Price Index excluding Petroleum for September is predicted to decrease by 0.1% monthly. Forex traders can compare this to the US Import Price Index excluding Petroleum for August which decreased by 0.2% monthly. The US Export Price Index for September is predicted to increase by 0.2% monthly and by 3.5% annualized. Forex traders can compare this to the US Export Price Index for August which decreased by 0.1% monthly and which increased by 3.6% annualized.
- US Michigan Consumer Sentiment: Preliminary US Michigan Consumer Sentiment for October is predicted at 100.4. Forex traders can compare this to US Michigan Consumer Confidence for September which was reported at 100.1. Preliminary Current Conditions for October are expected at 115.8 and Preliminary Expectations are predicted at 90.0. Forex traders can compare this to Current Conditions for September which were reported at 115.2 and to Expectations which were reported at 90.5.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Money Stock M2+CD and Japanese Money Stock M3: Japanese Money Stock M2+CD for September increased by 2.8% annualized and Japanese Money Stock M3 increased by 2.5% annualized. Economists predicted an increase of 2.9% and of 2.5%. Forex traders can compare this to Japanese Money Stock M2+CD for August which increased by 2.9% annualized and to Japanese Money Stock M3 which increased by 2.5% annualized.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for October 5th was reported at ¥200.5B and Japanese Buying Foreign Stocks was reported at ¥189.5B. Forex traders can compare this to Japanese Buying Foreign Bonds for September 28th which was reported at ¥380.8B and to Japanese Buying Foreign Stocks which was reported at ¥334.1B. Foreign Buying Japanese Bonds for October 5th was reported at ¥633.3B and Foreigners Buying Japanese Stocks was reported at ¥1,578.4B. Forex traders can compare this to Foreign Buying Japanese Bonds for September 28th which was reported at -¥179.4B and to Foreigners Buying Japanese Stocks which was reported at ¥835.6B.
- Japanese Tertiary Industry Index: The Japanese Tertiary Industry Index for August increased by 0.5% monthly. Economists predicted an increase of 0.3% monthly. Forex traders can compare this to the Japanese Tertiary Industry Index for July which decreased by 0.1% monthly.
Should price action for the USDJPY remain inside the or breakdown below the 112.000 to 112.550 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 112.400
- Take Profit Zone: 109.350 – 109.750
- Stop Loss Level: 113.400
Should price action for the USDJPY breakout above 112.550 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 112.800
- Take Profit Zone: 114.100 – 114.550
- Stop Loss Level: 112.400
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