Here are the key factors to keep in mind today for British Pound trades:
- British Trade Balance: The British Visible Trade Balance for November is predicted at -£11.100B. Forex traders can compare this to the British Visible Trade Balance for October which was reported at -£9.711B. The British Trade Balance Non EU for November is predicted at -£3.000B. Forex traders can compare this to the British Trade Balance Non EU for October which was reported at -£1.598B. The British Total Trade Balance for November is predicted at -£3.500B. Forex traders can compare this to the British Total Trade Balance for October which was reported at -£1.971B.
- British Industrial Production and British Manufacturing Production: British Industrial Production for November is predicted to increase by 0.9% monthly and by 0.6% annualized. Forex traders can compare this to British Industrial Production for October which decreased by 1.3% monthly and by 1.1% annualized. British Manufacturing Production for November is predicted to increase by 0.5% monthly and by 0.4% annualized. Forex traders can compare this to British Manufacturing Production for October which decreased by 0.9% monthly and by 0.4% annualized.
- British Construction Output Seasonally Adjusted: British Construction Output Seasonally Adjusted for November is predicted to increase by 0.3% monthly and by 2.0% annualized. Forex traders can compare this to British Construction Output Seasonally Adjusted for October which decreased by 0.6% monthly and which increased by 0.7% annualized.
- British NIESR GDP Estimate: The British NIESR GDP Estimate for December is predicted to increase by 0.5% monthly. Forex traders can compare this to the British NIESR GDP Estimate for November which increased by 0.4% monthly.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Official Reserve Assets: Japanese Official Reserve Assets for December were reported at $1,216.9B. Forex traders can compare this to Japanese Official Reserve Assets for November which were reported at $1,219.3B.
- Japanese Leading Index and Japanese Coincident Index: The Preliminary Japanese Leading Index for November was reported at 102.7. Economists predicted a reading of 102.6. Forex traders can compare this to the Japanese Leading Index for October which was reported at 100.8. The Preliminary Japanese Coincident Index for November was reported at 115.1. Economists predicted a reading of 115.0. Forex traders can compare this to the Japanese Coincident Index for October which was reported at 113.5.
Should price action for the GBPJPY remain inside the or breakdown below the 140.750 to 141.250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 141.000
- Take Profit Zone: 129.000 – 130.000
- Stop Loss Level: 144.500
Should price action for the GBPJPY breakout above 141.250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 142.750
- Take Profit Zone: 147.500 – 149.000
- Stop Loss Level: 140.750
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