Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for November is predicted at -£11.400B. Forex traders can compare this to the UK Visible Trade Balance for October which was reported at -£11.873B. The UK Trade Balance Non EU for November is predicted at -£3.775B. Forex traders can compare this to the UK Trade Balance Non EU for October which was reported at -£4.251B. The UK Total Trade Balance for November is predicted at -£2.800B. Forex traders can compare this to the UK Total Trade Balance for October which was reported at -£3.300B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for November is predicted to increase by 0.2% monthly and to decrease by 0.7% annualized. Forex traders can compare this to UK Industrial Production for October which decreased by 0.6% monthly and by 0.8% annualized. UK Manufacturing Production for November is predicted to increase by 0.4% monthly and to decrease by 0.7% annualized. Forex traders can compare this to UK Manufacturing Production for October which decreased by 0.9% monthly and by 1.0% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for November is predicted to increase by 0.2% monthly and by 2.6% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for October which decreased by 0.2% monthly and which increased by 3.8% annualized.
- UK Index of Services: The UK Index of Services for November is predicted to increase by 0.1% monthly and by 0.2% for the three-month-over-three-month period ending in November. Forex traders can compare this to the UK Index of Services for October which increased by 0.2% monthly and by 0.3% for the three-month-over-three-month period ending in October.
- UK GDP: The UK GDP for November is predicted to increase by 0.1% monthly and by 0.3% for the three-month-over-three-month period ending in November. Forex traders can compare this to the UK GDP for October which increased by 0.1% monthly and by 0.4% for the three-month-over-three-month period ending in October.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Household Spending: Japanese Household Spending for November decreased by 0.6% annualized. Economists predicted a flat reading of 0.0% annualized. Forex traders can compare this to Japanese Household Spending for October which decreased by 0.3% annualized.
- Japanese Current Account Balance and Trade Balance: The Preliminary Japanese Current Account Balance for November was reported at ¥757.2B. Economists predicted a figure of ¥566.3B. Forex traders can compare this to the Japanese Current Account Balance for October which was reported at ¥1,309.9B. The Preliminary Japanese Adjusted Current Account Balance for November was reported at ¥1,438.7B. Economists predicted a figure of ¥1,124.3B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for October which was reported at ¥1,211.3B. The Preliminary Japanese Trade Balance for November was reported at -¥559.1B. Economists predicted a figure of -¥612.6B. Forex traders can compare this to the Japanese Trade Balance for October which was reported at -¥321.7B.
- Japanese Bank Lending: Japanese Bank Lending including Trusts for December increased by 2.4% annualized and Japanese Bank Lending excluding Trusts increased by 2.5% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for November which increased by 2.1% annualized and to Japanese Bank Lending excluding Trusts which increased by 2.2% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for December was reported at 48.0 and the Japanese Eco Watchers Survey Outlook Index was reported at 48.5. Economists predicted a figure of 50.7 and of 51.4. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for November which was reported at 51.0 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 52.2.
Should price action for the GBPJPY remain inside the or breakout above the 137.750 to 138.850 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 138.250
- Take Profit Zone: 142.750 – 143.950
- Stop Loss Level: 136.000
Should price action for the GBPJPY breakdown below 137.750 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 137.150
- Take Profit Zone: 132.450 – 133.450
- Stop Loss Level: 138.250
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