Here are the key factors to keep in mind today for British Pound trades:
- UK CPI: The UK CPI for March is predicted to increase by 0.3% monthly and by 2.7% annualized. Forex traders can compare this to the UK CPI for February which increased by 0.4% monthly and by 2.7% annualized. The Core CPI for March is predicted to increase by 2.5% annualized. Forex traders can compare this to Core CPI for February which increased by 2.4% annualized.
- UK PPI: The UK PPI Input for March is predicted to increase by 0.3% monthly and by 4.2% annualized. Forex traders can compare this to the UK PPI Input for February which decreased by 1.1% monthly and which increased by 3.4% annualized. The UK PPI Output for March is predicted to increase by 0.1% monthly and by 2.3% annualized. Forex traders can compare this to the UK PPI Output for February which was reported flat at 0.0% monthly and which increased by 2.6% annualized. The UK PPI Core Output for March is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the UK PPI Core Output for February which increased by 0.2% monthly and by 2.4% annualized.
- UK RPI: The UK RPI for March is predicted to increase by 0.3% monthly and by 3.5% annualized. Forex traders can compare this to the UK RPI for February which decreased by 0.8% monthly and which increased by 3.6% annualized. The UK RPI Excluding Mortgage Interest Payments for March is predicted to increase by 3.6% annualized. Forex traders can compare this to the UK RPI Excluding Mortgage Interest Payments for February which increased by 3.6% annualized.
- UK House Price Index: The UK House Price Index for February is predicted to increase by 4.5% annualized. Forex traders can compare this to the UK House Price Index for January which increased by 4.9% annualized.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Trade Balance: The Japanese Trade Balance for March was reported at ¥797.3B. Economists predicted a figure of ¥499.2B. Forex traders can compare this to the Japanese Trade Balance for February which was reported at ¥3.4B. The Japanese Adjusted Trade Balance for March was reported at ¥119.2B. Economists predicted a figure of ¥98.5B. Forex traders can compare this to the Japanese Adjusted Trade Balance for February which was reported at -¥201.5B. Exports for March increased by 2.1% annualized and Imports decreased by 0.6% annualized. Economists predicted an increase of 5.6% and of 6.0%. Forex traders can compare this to Exports for February which increased by 1.8% annualized and to Imports which increased by 16.5% annualized.
Should price action for the GBPJPY remain inside the or breakout above the 153.150 to 153.850 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 153.500
- Take Profit Zone: 156.600 – 157.000
- Stop Loss Level: 152.600
Should price action for the GBPJPY breakdown below 153.150 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 152.800
- Take Profit Zone: 150.350 – 150.600
- Stop Loss Level: 153.500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
