Here is the key factor to keep in mind today for British Pound trades:
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for May was reported at £6.0B and UK Public Sector Net Borrowing excluding Banking Groups at £6.7B. Economists predicted a figure of £7.2B and £6.8B. Forex traders can compare this to UK Public Sector Net Borrowing for April which was reported at £8.7B and UK Public Sector Net Borrowing excluding Banking Groups which was reported at £9.4B. UK Public Finances for May were reported at £13.4B and UK Central Government Borrowing at £9.4B. Forex traders can compare this to UK Public Finances for April which was reported at -£15.2B and UK Central Government Borrowing which was reported at -£15.2B.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese All Industry Activity Index: The Japanese All Industry Activity Index for April increased by 2.1% monthly. Economists predicted an increase of 1.6% monthly. Forex traders can compare this to the Japanese All Industry Activity Index for March which decreased by 0.6% monthly.
- Japanese Supermarket Sales: Japanese Supermarket Sales for May decreased by 1.8% annualized. Forex traders can compare this to Japanese Supermarket Sales for April which increased by 0.6% annualized.
- Final Japanese Machine Tool Orders: Final Japanese Machine Tool Orders for May increased by 24.5% annualized. Forex traders can compare this to initial Japanese Machine Tool Orders for May which increased by 24.4% annualized.
Should price action for the GBPJPY remain inside the or breakout above the 139.750 to 140.250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 140.000
- Take Profit Zone: 144.500 – 145.000
- Stop Loss Level: 138.500
Should price action for the GBPJPY breakdown below 139.750 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 138.500
- Take Profit Zone: 138.000 – 138.500
- Stop Loss Level: 140.250
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
