Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for October is predicted at -£10.500B. Forex traders can compare this to the UK Visible Trade Balance for September which was reported at -£9.731B. The UK Trade Balance Non EU for October is predicted at -£3.200B. Forex traders can compare this to the UK Trade Balance Non EU for September which was reported at -£2.343B. The UK Total Trade Balance for October is predicted at -£1.267B. Forex traders can compare this to the UK Total Trade Balance for September which was reported at -£0.027B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for October is predicted to increase by 0.1% monthly and to decrease by 0.1% annualized. Forex traders can compare this to UK Industrial Production for September which was reported flat at 0.0% monthly and which was reported flat at 0.0% annualized. UK Manufacturing Production for October is predicted flat at 0.0% monthly and flat at 0.0% annualized. Forex traders can compare this to UK Manufacturing Production for September which increased by 0.2% monthly and by 0.5% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for October is predicted to decrease by 0.5% monthly and to increase by 3.3% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for September which increased by 1.7% monthly and by 3.0% annualized.
- UK GDP: The UK GDP for October is predicted to increase by 0.1% monthly and by 0.4% for the three-month-over-three-month period ending in October. Forex traders can compare this to the UK GDP for September which was reported flat at 0.0% monthly and which increased by 0.6% for the three-month-over-three-month period ending in September.
- UK Index of Services: UK Index of Services for October are predicted to increase by 0.1% monthly and by 0.3% for the three-month-over-three-month period ending in October. Forex traders can compare this to the UK Index of Services for September which decreased by 0.1% monthly and which increased by 0.4% for the three-month-over-three-month period ending in September.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese GDP: The Final Japanese GDP for the third-quarter decreased by 0.6% quarterly and by 2.5% annualized. Economists predicted a decrease of 0.5% quarterly and of 2.0% annualized. Forex traders can compare this to the previous Japanese GDP for the third-quarter which decreased by 0.3% quarterly and by 1.2% annualized. The Final Nominal GDP for the third-quarter decreased by 0.7% quarterly. Economists predicted a decrease of 0.5% quarterly. Forex traders can compare this to the previous Nominal GDP for the third-quarter which decreased by 0.3% quarterly. The Final GDP Deflator for the third-quarter decreased by 0.3% annualized. Economists predicted a decrease of 0.3% annualized. Forex traders can compare this to the previous GDP Deflator for the third-quarter which decreased by 0.3% annualized. Final Private Consumption for the third-quarter decreased by 0.2% quarterly and Final Business Spending decreased by 2.8% quarterly. Economists predicted a decrease of 0.1% quarterly and of 1.8% quarterly. Forex traders can compare this to previous Private Consumption for the third-quarter which decreased by 0.1% quarterly and to previous Business Spending for the third-quarter which decreased by 0.2% quarterly.
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for October was reported at ¥1,309.9B. Economists predicted a figure of ¥1,262.7B. Forex traders can compare this to the Japanese Current Account Balance for September which was reported at ¥1,821.6B. The Japanese Adjusted Current Account Balance for October was reported at ¥1,211.3B. Economists predicted a figure of ¥1,289.9B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for September which was reported at ¥1,334.0B. The Japanese Trade Balance for October was reported at -¥321.7B. Economists predicted a figure of -¥265.4B. Forex traders can compare this to the Japanese Trade Balance for September which was reported at ¥323.0B.
- Japanese Bank Lending: Japanese Bank Lending including Trusts for November increased by 2.1% annualized and Japanese Bank Lending excluding Trusts increased by 2.1% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for October which increased by 2.2% annualized and to Japanese Bank Lending excluding Trusts which increased by 2.2% annualized.
- Japanese Bankruptcies: Japanese Bankruptcies for November increased by 6.05% annualized. Forex traders can compare this to Japanese Bankruptcies for October which decreased by 0.40% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for November was reported at 51.0 and the Japanese Eco Watchers Survey Outlook Index was reported at 52.2. Economists predicted a figure of 49.5 and of 50.8. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for October which was reported at 49.5 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 50.6.
Should price action for the GBPJPY remain inside the or breakout above the 142.800 to 143.700 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 143.300
- Take Profit Zone: 148.700 – 149.500
- Stop Loss Level: 142.250
Should price action for the GBPJPY breakdown below 142.800 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 142.600
- Take Profit Zone: 139.900 – 140.650
- Stop Loss Level: 143.300
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