Here are the key factors to keep in mind today for British Pound trades:
- British Halifax House Price Index: The British Halifax House Price Index for June is predicted to increase by 0.3% monthly and by 7.8% tri-monthly annualized. Forex traders can compare this to the British Halifax House Price Index for May which increased by 0.6% monthly and by 9.2% tri-monthly annualized.
- British Industrial Production and British Manufacturing Production: British Industrial Production for May is predicted to decrease by 1.0% monthly and to increase by 0.5% annualized. Forex traders can compare this to British Industrial Production for April which increased by 2.0% monthly and by 1.6% annualized. British Manufacturing Production for May is predicted to decrease by 1.2% monthly and to increase by 0.6% annualized. Forex traders can compare this to British Manufacturing Production for April which increased by 2.3% monthly and by 0.8% annualized.
- British NIESR GDP Estimate: The British NIESR GDP Estimate for June is predicted to increase by 0.5% monthly. Forex traders can compare this to the British NIESR GDP Estimate for May which increased by 0.5% monthly.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for July 1st was reported at ¥428.2B and Japanese Buying Foreign Stocks which was reported at ¥210.2B. Forex traders can compare this to Japanese Buying Foreign Bonds for June 24th which was reported at ¥400.0B and to Japanese Buying Foreign Stocks which was reported at ¥188.7B. Foreign Buying Japanese Bonds for July 1st was reported at ¥244.3B and Foreigners Buying Japanese Stocks which was reported at ¥113.9B. Forex traders can compare this to Foreign Buying Japanese Bonds for June 24th which was reported at ¥2,157.5B and to Foreigners Buying Japanese Stocks which was reported at ¥184.2B.
- Japanese Leading Index and Japanese Coincident Index: The Japanese Leading Index for May was reported at 100.0. Economists predicted a figure of 100.0. Forex traders can compare this to the Japanese Leading Index for April which was reported at 100.0. The Japanese Coincident Index for May was reported at 110.5. Economists predicted a figure of 110.3. Forex traders can compare this to the Japanese Coincident Index for April which was reported at 112.0.
Should price action for the GBPJPY remain inside the or breakout above the 130.500 to 131.000 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 130.750
- Take Profit Zone: 161.750 – 163.500
- Stop Loss Level: 128.000
Should price action for the GBPJPY breakdown below 130.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 129.750
- Take Profit Zone: 125.000 – 128.000
- Stop Loss Level: 130.000
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