Here is the key factor to keep in mind today for British Pound trades:
- UK CBI Business Optimism, UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Business Optimism for October was reported at -11. Economists predicted a figure of 0. Forex traders can compare this to UK CBI Business Optimism for September which was reported at 5. UK CBI Trends Total Orders for October was reported at -2. Economists predicted a figure of 9. Forex traders can compare this to UK CBI Trends Total Orders for September which was reported at 7. UK CBI Trends Selling Prices for October was reported at 18. Economists predicted a figure of 18. Forex traders can compare this to UK CBI Trends Selling Prices for September which was reported at 18.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Leading Index and Japanese Coincident Index: The Final Japanese Leading Index for August was reported at 107.2 and the Final Japanese Coincident Index was reported at 117.7. Forex traders can compare this to the first Japanese Leading Index for August which was reported at 106.8 and to the first Japanese Coincident Index which was reported at 117.6.
- Japanese Nationwide Department Store Sales: Japanese Nationwide Department Store Sales for September increased by 4.4% annualized. Forex traders can compare this to Japanese Nationwide Department Store Sales for August which increased by 2.0% annualized.
Should price action for the GBPJPY remain inside the or breakdown below the 149.750 to 150.250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 150.000
- Take Profit Zone: 140.000 – 141.000
- Stop Loss Level: 151.500
Should price action for the GBPJPY breakout above 150.250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 150.750
- Take Profit Zone: 152.500 – 152.850
- Stop Loss Level: 150.000
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