Here are the key factors to keep in mind today for British Pound trades:
- UK GfK Consumer Confidence: UK GfK Consumer Confidence for February was reported at -10. Economists predicted a figure of -10. Forex traders can compare this to UK GfK Consumer Confidence for January which was reported at -9.
- UK Lloyds Business Barometer: The UK Lloyds Business Barometer for February was reported at 33. Forex traders can compare this to the UK Lloyds Business Barometer for January which was reported at 35.
- UK BRC Shop Price Index: The UK BRC Shop Price Index for February decreased by 0.8% annualized. Economists predicted a decrease of 0.6%. Forex traders can compare this to the UK BRC Shop Price Index January which decreased by 0.5% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Retail Trade Data: Japanese Retail Trade for January decreased by 1.8% monthly and increased by 1.6% annualized. Economists predicted a decrease of 0.6% and an increase of 2.4%. Forex traders can compare this to Japanese Retail Trade for December which increased by 0.9% monthly and by 3.6% annualized. Large Retailer’s Sales for January increased by 0.5% monthly. Economists predicted an increase of 0.4% monthly. Forex traders can compare this to Large Retailer’s Sales for December which increased by 1.1% monthly.
- Japanese Industrial Production: Preliminary Japanese Industrial Production for January decreased by 6.6% monthly and increased by 2.7% annualized. Economists predicted a decrease of 4.0% monthly and an increase of 5.3% annualized. Forex traders can compare this to Japanese Industrial Production for December which increased by 2.9% monthly and by 4.4% annualized.
- Japanese Vehicle Production: Japanese Vehicle Production for January decreased by 3.8% annualized. Forex traders can compare this to Japanese Production Sales for December which increased by 2.1% annualized.
- Japanese Housing Starts and Construction Orders: Japanese Housing Starts for January decreased by 13.2% annualized to 0.856M units. Economists predicted a decrease of 4.7% annualized to 0.940M units. Forex traders can compare this to Japanese Housing Starts for December which decreased by 2.1% annualized to 0.936M units. Construction Orders for January increased by 0.9% annualized. Forex traders can compare this to Construction Orders for December which decreased by 8.1% annualized.
Should price action for the GBPJPY remain inside the or breakout above the 148.500 to 149.000 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 148.750
- Take Profit Zone: 155.500 – 156.600
- Stop Loss Level: 147.000
Should price action for the GBPJPY breakdown below 148.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 148.000
- Take Profit Zone: 146.750 – 147.000
- Stop Loss Level: 148.750
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