Here are the key factors to keep in mind today for US Dollar trades:
- US House Price Index: The US House Price Index for July is predicted to increase by 0.3% monthly. Forex traders can compare this to US House Price Index for June which increased by 0.2% monthly.
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for July is predicted to increase by 0.10% monthly and by 6.20% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for June which increased by 0.11% monthly and by 6.31% annualized.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for September is predicted at 21. Forex traders can compare this to the US Richmond Fed Manufacturing Index for August which was reported at 24.
- US Consumer Confidence: US Consumer Confidence for September is predicted at 132.0. Forex traders can compare this to US Consumer Confidence for August which was reported at 133.4.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Corporate Service Price Index: The Japanese Corporate Service Price Index for August increased by 1.3% annualized. Economists predicted an increase of 1.1% annualized. Forex traders can compare this to the Japanese Corporate Service Price Index for July which increased by 1.1% annualized.
- Japanese Supermarket Sales: Japanese Supermarket Sales for August increased by 0.1% annualized. Forex traders can compare this to Japanese Supermarket Sales for July which increased by 1.5% annualized.
- Japanese Leading Index and Japanese Coincident Index: The Final Japanese Leading Index for July was reported at 103.9 and the Final Japanese Coincident Index was reported at 116.1. Forex traders can compare this to the previous Japanese Leading Index for July which was reported at 103.5 and to the previous Japanese Coincident Index which was reported at 116.3.
Should price action for the USDJPY remain inside the or breakdown below the 112.700 to 113.200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 112.900
- Take Profit Zone: 109.750 – 110.350
- Stop Loss Level: 113.750
Should price action for the USDJPY breakout above 113.200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 113.350
- Take Profit Zone: 114.750 – 115.500
- Stop Loss Level: 112.700
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