Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for June is predicted at -£11.900B. Forex traders can compare this to the UK Visible Trade Balance for May which was reported at -£12.362B. The UK Trade Balance Non EU for June is predicted at -£3.600B. Forex traders can compare this to the UK Trade Balance Non EU for May which was reported at -£3.491B. The UK Total Trade Balance for June is predicted at -£2.500B. Forex traders can compare this to the UK Total Trade Balance for May which was reported at -£2,790B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for June is predicted to increase by 0.3% monthly and by 0.7% annualized. Forex traders can compare this to UK Industrial Production for May which decreased by 0.4% monthly and which increased by 0.8% annualized. UK Manufacturing Production for June is predicted to increase by 0.3% monthly and by 1.0% annualized. Forex traders can compare this to UK Manufacturing Production for May which increased by 0.4% monthly and by 1.1% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for June is predicted to decrease by 0.4% monthly and to increase by 0.7% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for May which increased by 2.9% monthly and by 1.6% annualized.
- UK GDP: The UK Preliminary GDP for June is predicted to increase by 0.2% monthly. Forex traders can compare this to the UK Preliminary GDP for May which increase by 0.3% monthly. The UK Preliminary GDP for the second-quarter is predicted to increase by 0.4% quarterly and by 1.3% annualized. Forex traders can compare this to the first-quarter GDP which increased by 0.2% quarterly and by 1.2% annualized. Private Consumption for the second-quarter is predicted to increase by 0.4% quarterly, Government Spending is predicted to increase by 0.3% quarterly and Gross Fixed Capital Formation is predicted to increase by 0.7% quarterly. Forex traders can compare this to first-quarter Private Consumption which increased by 0.2% quarterly, to Government Spending which increased by 0.4% quarterly and to Gross Fixed Capital Formation which decreased by 1.3% quarterly. UK Exports for the second-quarter are predicted to increase by 0.7% quarterly and UK Imports are predicted to increase by 0.8% quarterly. Forex traders can compare this to first-quarter UK Exports which were reported flat at 0.0% quarterly and to UK Imports which decreased by 0.2% quarterly. UK Total Business Investment for the second-quarter is predicted to increase by 0.4% quarterly and by 2.4% annualized. Forex traders can compare this to UK Total Business Investment for the first-quarter which decreased by 0.4% quarterly and which increased by 2.0% annualized.
- UK Index of Services: UK Index of Services for June are predicted to increase by 0.2% monthly and by 0.6% for the three-month-over-three-month period ending in June. Forex traders can compare this to the UK Index of Services for May which increased by 0.3% monthly and by 0.4% for the three-month-over-three-month period ending in May.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Domestic Corporate Goods Price Index: The Japanese Domestic Corporate Goods Price Index for July increased by 0.5% monthly and by 3.1% annualized. Economists predicted an increase of 0.2% monthly and of 2.9% annualized. Forex traders can compare this to the Japanese Domestic Corporate Goods Price Index for June which increased by 0.2% monthly and by 2.8% annualized.
- Japanese GDP: The Preliminary Japanese GDP for the second-quarter increased by 0.5% quarterly and by 1.9% annualized. Economists predicted an increase of 0.3% quarterly and of 1.4% annualized. Forex traders can compare this to the Japanese GDP for the first-quarter which decreased by 0.2% quarterly and by 0.6% annualized. The Preliminary Nominal GDP for the second-quarter increased by 0.4% quarterly. Economists predicted an increase of 0.2% quarterly. Forex traders can compare this to the Nominal GDP for the first-quarter which decreased by 0.4% quarterly. The Preliminary GDP Deflator for the second-quarter increased by 0.1% annualized. Economists predicted a flat reading of 0.0% annualized. Forex traders can compare this to the Preliminary GDP Deflator for the first-quarter which increased by 0.5% annualized. Preliminary Private Consumption for the second-quarter increased by 0.7% quarterly and Preliminary Business Spending increased by 1.3% quarterly. Economists predicted an increase of 0.2% quarterly and of 0.6% quarterly. Forex traders can compare this to Private Consumption for the first-quarter which decreased by 0.1% quarterly and to Business Spending for the first-quarter which increased by 0.3% quarterly.
- Japanese Tertiary Industry Index: The Japanese Tertiary Industry Index for June decreased by 0.5% monthly. Economists predicted a decrease of 0.3% monthly. Forex traders can compare this to the Japanese Tertiary Industry Index for May which increased by 0.2% monthly.
Should price action for the GBPJPY remain inside the or breakout above the 143.200 to 144.500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 143.900
- Take Profit Zone: 148.400 – 149.300
- Stop Loss Level: 142.300
Should price action for the GBPJPY breakdown below 143.200 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 142.900
- Take Profit Zone: 139.300 – 140.000
- Stop Loss Level: 143.900
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