Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for March is predicted at -£11.300B. Forex traders can compare this to the UK Visible Trade Balance for February which was reported at -£10.203B. The UK Trade Balance Non EU for March is predicted at -£2.500B. Forex traders can compare this to the UK Trade Balance Non EU for February which was reported at -£2.237B. The UK Total Trade Balance for March is predicted at -£2.000B. Forex traders can compare this to the UK Total Trade Balance for February which was reported at -£965B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for March is predicted to increase by 0.2% monthly and by 3.1% annualized. Forex traders can compare this to UK Industrial Production for February which increased by 0.1% monthly and by 2.2% annualized. UK Manufacturing Production for March is predicted to decrease by 0.2% monthly and to increase by 2.9% annualized. Forex traders can compare this to UK Manufacturing Production for February which decreased by 0.2% monthly and which increased by 2.5% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for March is predicted to decrease by 2.2% monthly and by 5.7% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for February which decreased by 1.6% monthly and by 3.0% annualized.
- Bank of England Interest Rate Decision, Asset Purchase Target and Corporate Bond Target: The Bank of England is predicted to keep interest rates at 0.50%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B. Forex traders can compare this to the previous Bank of England meeting where the UK central bank decided to keep interest rates at 0.50%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B.
- UK NIESR GDP Estimate: The UK NIESR GDP Estimate for April is predicted to increase by 0.2% monthly. Forex traders can compare this to the UK NIESR GDP Estimate for March which increased by 0.2% monthly.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for March was reported at ¥3,122.3B. Economists predicted a figure of ¥2,899.0B. Forex traders can compare this to the Japanese Current Account Balance for February which was reported at ¥2,076.0B. The Japanese Adjusted Current Account Balance for March was reported at ¥1,722.3B. Economists predicted a figure of ¥1,632.2B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for February which was reported at ¥963.1B. The Japanese Trade Balance for March was reported at ¥1,190.7B. Economists predicted a figure of ¥1,023.1B. Forex traders can compare this to the Japanese Trade Balance for February which was reported at ¥188.7B.
- Japanese Bank Lending: Japanese Bank Lending including Trusts for April increased by 2.1% annualized and Japanese Bank Lending excluding Trusts increased by 2.0% annualized. Economists predicted an increase of 1.9% and of 1.9%. Forex traders can compare this to Japanese Bank Lending including Trusts for March which increased by 2.0% annualized and to Japanese Bank Lending excluding Trusts which increased by 1.9% annualized.
- Japanese Bankruptcies: Japanese Bankruptcies for April decreased by 4.41% annualized. Forex traders can compare this to Japanese Bankruptcies for March which increased by 0.38% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for April was reported at 49.0 and the Japanese Eco Watchers Survey Outlook Index was reported at 50.1. Economists predicted a figure of 49.0 and of 49.9. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for March which was reported at 48.9 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 49.6.
Should price action for the GBPJPY remain inside the or breakout above the 148.500 to 149.200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 148.700
- Take Profit Zone: 153.850 – 154.050
- Stop Loss Level: 147.050
Should price action for the GBPJPY breakdown below 148.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 148.250
- Take Profit Zone: 144.950 – 145.100
- Stop Loss Level: 149.200
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