Here are the key factors to keep in mind today for British Pound trades:
- UK Markit/CIPS Construction PMI: The UK Markit/CIPS Construction PMI for January was reported at 52.2. Economists predicted a reading of 53.8. Forex traders can compare this to the UK Markit/CIPS Construction PMI for December which was reported at 54.2.
- Bank of England Interest Rate Decision, Asset Purchase Target and Corporate Bond Target: The Bank of England decided to keep interest rates at 0.25%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B. Economists predicted interest rates at 0.25%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B. Forex traders can compare this to the previous Bank of England meeting where the British central bank decided to keep interest rates at 0.25%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Monetary Base and Monetary Base end of Period: The Japanese Monetary Base for January was reported at 22.6% annualized and the Monetary Base end of Period at ¥435.5T. Forex traders can compare this to the Japanese Monetary Base for December which was reported at 23.1% annualized and the Monetary Base end of Period which was reported at ¥437.4T.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for January 27th was reported at -¥1,359.3B and Japanese Buying Foreign Stocks which was reported at ¥124.9B. Forex traders can compare this to Japanese Buying Foreign Bonds for January 20th which was reported at -¥538.1B and to Japanese Buying Foreign Stocks which was reported at -¥19.1B. Foreign Buying Japanese Bonds for January 27th was reported at ¥446.2B and Foreigners Buying Japanese Stocks which was reported at -¥143.9B. Forex traders can compare this to Foreign Buying Japanese Bonds for January 20th which was reported at -¥168.2B and to Foreigners Buying Japanese Stocks which was reported at -¥376.0B.
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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