Here are the key factors to keep in mind today for US Dollar trades:
- US CPI and Core CPI: The US CPI for September is predicted to increase by 0.6% monthly and by 2.3% annualized. Forex traders can compare this to the US CPI for August which increased by 0.4% monthly and by 1.9% annualized. The US Core CPI for September is predicted to increase by 0.2% monthly and by 1.8% annualized. Forex traders can compare this to the US Core CPI for August which increased by 0.2% monthly by 1.7% annualized.
- US Advanced Retail Sales: US Advanced Retail Sales for September are predicted to increase by 1.7% monthly and Retail Sales Less Autos are predicted to increase by 0.9% monthly. Forex traders can compare this to US Advanced Retail Sales for August which decreased by 0.2% monthly and to Retail Sales Less Autos which increased by 0.2% monthly. Retail Sales Less Autos and Gas for September are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.4% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for August which decreased by 0.1% monthly and to Retail Sales Control Group which decreased by 0.2% monthly.
- US Michigan Consumer Confidence: US Michigan Consumer Confidence for October is predicted at 95.0. Forex traders can compare this to US Michigan Consumer Confidence for September which was reported at 95.1.
- US Business Inventories: US Business Inventories for August are predicted to increase by 0.5% monthly. Forex traders can compare this to US Business Inventories for July which increased by 0.2% monthly.
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 October 6th was reported at ¥89.2B and Japanese Buying Foreign Stocks was reported at ¥371.5B. Forex traders can compare this to Japanese Buying Foreign Bonds for September 29th which was reported at -¥1,014.1B and to Japanese Buying Foreign Stocks which was reported at ¥470.9B. Foreign Buying Japanese Bonds for October 6th was reported at ¥100.0B and Foreigners Buying Japanese Stocks which was reported at ¥1,235.3B. Forex traders can compare this to Foreign Buying Japanese Bonds for September 29th which was reported at ¥391.1B and to Foreigners Buying Japanese Stocks which was reported at ¥953.3B.
- Japanese Money Stock M2+CD and Japanese Money Stock M3: Japanese Money Stock M2+CD for September increased by 4.1% annualized and Japanese Money Stock M3 increased by 3.4% annualized. Economists predicted an increase of 4.0% and of 3.4%. Forex traders can compare this to Japanese Money Stock M2+CD for August which increased by 4.0% annualized and to Japanese Money Stock M3 which increased by 3.4% annualized.
Should price action for the USDJPY remain inside the or breakdown below the 111.600 to 112.200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 111.900
- Take Profit Zone: 108.600 – 109.100
- Stop Loss Level: 112.500
Should price action for the USDJPY breakout above 112.200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 112.750
- Take Profit Zone: 113.400 – 113.750
- Stop Loss Level: 112.200
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
