Here are the key factors to keep in mind today for British Pound trades:
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for August increased by 0.2% monthly and by 1.6% annualized. Economists predicted an increase of 0.2% monthly and of 0.9% annualized. Forex traders can compare this to UK Industrial Production for July which increased by 0.3% monthly and by 1.1% annualized. UK Manufacturing Production for August increased by 0.4% monthly and by 2.8% annualized. Economists predicted an increase of 0.2% monthly and of 1.9% annualized. Forex traders can compare this to UK Manufacturing Production for July which increased by 0.4% monthly and by 2.7% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for August increased by 0.6% monthly and by 3.5% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 0.2% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for July which decreased by 1.0% monthly and which increased by 2.7% annualized.
- UK Trade Balance: The UK Visible Trade Balance for August was reported at -£14.240B. Economists predicted a figure of -£11.200B. Forex traders can compare this to the UK Visible Trade Balance for July which was reported at -£12.830B. The UK Trade Balance Non EU for August was reported at -£5.830B. Economists predicted a figure of -£3.600B. Forex traders can compare this to the UK Trade Balance Non EU for July which was reported at -£5.340B. The UK Total Trade Balance for August was reported at -£5.626B. Economists predicted a figure of -£2.800B. Forex traders can compare this to the UK Total Trade Balance for July which was reported at -£2.872B.
- British NIESR GDP Estimate: The British NIESR GDP Estimate for September increased by 0.4% monthly. Forex traders can compare this to the British NIESR GDP Estimate for August which increased by 0.5% monthly.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Bankruptcies: Japanese Bankruptcies for September increased by 4.62% annualized. Forex traders can compare this to Japanese Bankruptcies for August which decreased by 11.98% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for September was reported at 51.3 and the Japanese Eco Watchers Survey Outlook Index was reported at 51.0. Economists predicted a figure of 50.2 and 50.5. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for August which was reported at 49.7 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 51.1.
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for August was reported at ¥2,380.4B. Economists predicted a figure of ¥2,223.3B. Forex traders can compare this to the Japanese Current Account Balance for July which was reported at ¥2,320.0B. The Japanese Adjusted Current Account Balance for August was reported at ¥2,266.9B. Economists predicted a figure of ¥1,978.6B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for July which was reported at ¥2,032.9B. The Japanese Trade Balance for August was reported at ¥318.7B. Economists predicted a figure of ¥264.9B. Forex traders can compare this to the Japanese Trade Balance for July which was reported at ¥566.6B.
Should price action for the GBPJPY remain inside the or breakdown below the 148.000 to 148.500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 148.250
- Take Profit Zone: 141.750 – 142.250
- Stop Loss Level: 149.750
Should price action for the GBPJPY breakout above 148.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 148.750
- Take Profit Zone: 152.000 – 152.750
- Stop Loss Level: 148.000
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