Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for April is predicted at -£11.400B. Forex traders can compare this to the UK Visible Trade Balance for March which was reported at -£12.287B. The UK Trade Balance Non EU for April is predicted at -£3.200B. Forex traders can compare this to the UK Trade Balance Non EU for March which was reported at -£3.639B. The UK Total Trade Balance for April is predicted at -£2.500B. Forex traders can compare this to the UK Total Trade Balance for March which was reported at -£3,091B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for April is predicted to increase by 0.1% monthly and by 2.7% annualized. Forex traders can compare this to UK Industrial Production for March which increased by 0.1% monthly and by 2.9% annualized. UK Manufacturing Production for April is predicted to increase by 0.3% monthly and by 3.1% annualized. Forex traders can compare this to UK Manufacturing Production for March which decreased by 0.1% monthly and which increased by 2.9% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for April is predicted to increase by 2.2% monthly and to decrease by 1.4% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for March which decreased by 2.3% monthly and by 4.9% annualized.
- UK NIESR GDP Estimate: The UK NIESR GDP Estimate for May is predicted to increase by 0.3% monthly. Forex traders can compare this to the UK NIESR GDP Estimate for April which increased by 0.1% monthly.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Money Stock M2+CD and Japanese Money Stock M3: Japanese Money Stock M2+CD for May increased by 3.2% annualized and Japanese Money Stock M3 increased by 2.7% annualized. Economists predicted an increase of 3.3% and of 2.8%. Forex traders can compare this to Japanese Money Stock M2+CD for April which increased by 3.3% annualized and to Japanese Money Stock M3 which increased by 2.8% annualized.
- Japanese Machine Orders: Japanese Machine Orders for April increased by 10.1% monthly and by 9.6% annualized. Economists predicted an increase of 2.4% monthly 3.8% annualized. Forex traders can compare this to Japanese Machine Orders for March which decreased by 3.9% monthly and by 2.4% annualized.
- Japanese Machine Tool Orders: Japanese Preliminary Machine Tool Orders for May increased by 14.9% annualized. Forex traders can compare this to Japanese Machine Tool Orders for April which increased by 22.0% annualized.
Should price action for the GBPJPY remain inside the or breakdown below the 147.450 to 148.100 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 147.800
- Take Profit Zone: 143.150 – 143.600
- Stop Loss Level: 149.000
Should price action for the GBPJPY breakout above 148.100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 148.500
- Take Profit Zone: 150.000 – 150.800
- Stop Loss Level: 148.100
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