GBPJPY Fundamental Analysis – March 18th 2015

Here are the key factors to keep in mind today for British Pound trades:

UK Employment Report: Economists expect the annualized three-month period which ended in January to show the addition of 130,000 jobs and that the ILO unemployment rate decreased to 5.6%. Forex traders can compare this with the addition of 103,000 jobs in December where the unemployment rate was 5.7%. Average weekly earnings are expected to increase by 2.2% and average weekly earnings excluding bonuses are expected to increase by 1.8%. This can be compared to the 2.1% increase and 1.7% increase reported in December.
UK Jobless Claims: Expectations call for a loss of 30,000 jobless claims for February and a claimant count rate of 2.4%. Forex traders can compare this to January’s loss of 38,600 and a claimant count rate of 2.5%.

Here is the key factor to keep in mind today for Japanese Yen trades:

Japanese Merchandise Trade Deficit: The Japanese Merchandise Trade Deficit was reported at ¥424.6 billion in February. This was much lower than the ¥986.6 billion deficit economists expected and forex traders should compare this to the trade deficit of ¥1,179.1 billion which was reported in January. Imports, which were reported at -3.6, helped to sharply reduce the trade deficit as imports were reported at 2.4. Economists expected a level of 3.2 and 0.3 respectively which can be compared to January’s data which was reported at -9.0 and 17.0.

Should price action for the GBPJPY remain inside the 178.000 to 179.000 zone or breakout above it the following trade set-up is recommended:

Should price action for the GBPJPY breakdown below 178.000 the following trade set-up is recommended:

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