Here are the key factors to keep in mind today for British Pound trades:
- UK GDP: The UK Preliminary GDP for the third-quarter is predicted to increase by 0.5% quarterly and by 2.3% annualized. Forex traders can compare this to the second-quarter GDP which increased by 0.5% quarterly and by 2.3% annualized. Business Investment for the third-quarter is predicted to increase by 0.6% quarterly and to decrease by 2.1% annualized. Forex traders can compare this to Business Investment for the second-quarter which increased by 1.0% quarterly and which decreased by 0.8% annualized.
- UK Index of Services: The Index of Services for September is predicted to increase by 0.8% quarterly. Forex traders can compare this to the Index of Services for August which increased by 0.8% quarterly.
- UK CBI Total Distributive Reported Sales: UK CBI Total Distributive Reported Sales for November are predicted at 12. Forex traders can compare this to UK CBI Total Distributive Reported Sales for October which were reported at 21.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese National CPI: The Japanese National CPI for October increased by 0.1% annualized. Economists predicted an increase of 0.1% annualized. Forex traders can compare this to the Japanese National CPI for September which decreased by 0.5% annualized. The Japanese National Core CPI for October decreased by 0.4% annualized. Economists predicted a decrease of 0.4% annualized. Forex traders can compare this to the Japanese National Core CPI for September which decreased by 0.5% annualized.
- Japanese Corporate Service Price Index: The Japanese Corporate Service Price Index for October increased by 0.5% annualized. Economists predicted an increase of 0.3% annualized. Forex traders can compare this to the Japanese Corporate Service Price Index for September which increased by 0.2% annualized.
- Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Foreign Buying Japanese Bonds for November 18th was reported at -¥260.6B and Foreigners Buying Japanese Stocks which was reported at ¥461.7B. Forex traders can compare this to Foreign Buying Japanese Bonds for November 11th which was reported at ¥466.2B and to Foreigners Buying Japanese Stocks which was reported at ¥546.0B.
Should price action for the GBPJPY remain inside the or breakout above the 140.000 to 140.500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 140.250
- Take Profit Zone: 159.000 – 160.000
- Stop Loss Level: 137.000
Should price action for the GBPJPY breakdown below 140.000 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 139.000
- Take Profit Zone: 129.000 – 130.000
- Stop Loss Level: 140.500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
