Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Change: The US ADP Employment Change for August is predicted at 190K. Forex traders can compare this to the US ADP Employment Change for July which was reported at 219K.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of September 1st are predicted at 213K and US Continuing Claims for the week of August 25th are predicted at 1,718K. Forex traders can compare this to US Initial Jobless Claims for the week of August 25th which were reported at 213K and to US Continuing Claims for the week of August 18th which were reported at 1,708K.
- US Non-Farm Productivity and Unit Labor Costs: Final US Non-Farm Productivity for the second-quarter is predicted to increase by 2.9% quarterly and Unit Labor Costs are predicted to decrease by 0.9% quarterly. Forex traders can compare this to previous US Non-Farm Productivity for the second-quarter which increased by 2.9% quarterly and to Unit Labor Costs which decreased by 0.9% quarterly.
- US Markit Services PMI and Markit Composite PMI: The US Final Markit Services PMI for August is predicted at 55.2 and the US Final Markit Composite PMI is predicted at 55.0. Forex traders can compare this to the previous US Markit Services PMI for August which was reported at 55.2 and to the previous US Markit Composite PMI which was reported at 55.0.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for August is predicted at 56.6. Forex traders can compare this to the US ISM Non-Manufacturing PMI for July which was reported at 55.7.
- US Factory Orders: US Factory Orders for July are predicted to decrease by 0.6% monthly. Forex traders can compare this to US Factory Orders for June which increased by 0.7% monthly.
Here is the key factor 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 August 31st was reported at ¥543.4B and Japanese Buying Foreign Stocks was reported at ¥186.1B. Forex traders can compare this to Japanese Buying Foreign Bonds for August 24th which was reported at ¥235.5B and to Japanese Buying Foreign Stocks which was reported at -¥60.9B. Foreign Buying Japanese Bonds for August 31st was reported at -¥9.2B and Foreigners Buying Japanese Stocks was reported at -¥4.6B. Forex traders can compare this to Foreign Buying Japanese Bonds for August 24th which was reported at -¥14.5B and to Foreigners Buying Japanese Stocks which was reported at -¥334.9B.
Should price action for the USDJPY remain inside the or breakdown below the 111.150 to 111.750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 111.350
- Take Profit Zone: 108.100 – 108.700
- Stop Loss Level: 112.150
Should price action for the USDJPY breakout above 111.750 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 111.950
- Take Profit Zone: 112.800 – 113.150
- Stop Loss Level: 111.350
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