Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Japanese Tertiary Industry Index for June increased 2.3% monthly. Forex traders can compare this to the Japanese Tertiary Industry Index for May, which decreased 2.9% monthly.
The UK Employment Change for the tri-monthly period ending in June was reported at 95K, and the ILO Unemployment Rate was reported at 4.7%. Economists predicted a reading of 75K and 4.8%. Forex traders can compare this to the UK Employment Change for May, reported at 25K, and the ILO Unemployment Rate reported at 4.8%. Average Weekly Earnings for the tri-monthly period ending in June increased 8.8% annualized, and Average Weekly Earnings Excluding Bonuses increased 7.4% annualized. Economists predicted an increase of 8.6% and 7.4%. Forex traders can compare this to Average Weekly Earnings for May, which increased 7.4%, and Average Weekly Earnings Excluding Bonuses, which increased 6.6%.
The UK Jobless Claims Change for July was reported at -7.8K. Forex traders can compare this to the UK Jobless Claims Change for June, reported at -114.8K. UK Labor Productivity for the second quarter was reported at -0.5% quarterly. Forex traders can compare this to UK Labor Productivity for the first quarter, which increased 0.4% quarterly.
The forecast for the GBP/JPY is showing signs of bullishness after correcting into support. Adding to a positive outlook are the Tenkan-sen and the Kijun-sen, which turned sideways, suggesting selling pressure is fading. The Ichimoku Kinko Hyo Cloud also stabilized, with the Senkou Span A moving higher. Traders should expect a rise in volatility after the CCI moved into extreme oversold territory and wait for a breakout. Can bulls capitalize on positive developments and force the GBP/JPY into its next horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the GBP/JPY remain inside the or breakout above the 150.400 to 151.400 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 150.900
- Take Profit Zone: 154.800 – 155.600
- Stop Loss Level: 149.600
Should price action for the GBP/JPY breakdown below 150.400, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 149.600
- Take Profit Zone: 146.550 – 147.400
- Stop Loss Level: 150.400
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
