Here is the key factor to keep in mind today for British Pound trades:
- UK Rightmove House Prices: UK Rightmove House Prices for June increased by 0.4% monthly and by 1.7% annualized. Forex traders can compare this to UK Rightmove House Prices for May which increased by 0.8% monthly and by 1.1% annualized.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Trade Balance: The Japanese Trade Balance for May was reported at -¥578.3B. Economists predicted a figure of -¥205.2B. Forex traders can compare this to the Japanese Trade Balance for April which was reported at ¥624.6B. The Japanese Adjusted Trade Balance for May was reported at -¥296.8B. Economists predicted a figure of ¥144.1B. Forex traders can compare this to the Japanese Adjusted Trade Balance for April which was reported at ¥453.9B. Exports for May increased by 8.1% annualized and Imports increased by 14.0% annualized. Economists predicted an increase of 7.5% and of 8.0%. Forex traders can compare this to Exports for April which increased by 7.8% annualized and to Imports which decreased by 5.9% annualized.
Should price action for the GBPJPY remain inside the or breakout above the 146.300 to 147.000 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 146.600
- Take Profit Zone: 152.650 – 153.850
- Stop Loss Level: 145.250
Should price action for the GBPJPY breakdown below 146.300 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 146.100
- Take Profit Zone: 143.150 – 143.600
- Stop Loss Level: 146.600
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
