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 is predicted at -4. Forex traders can compare this to UK CBI Business Optimism for September which was reported at -3. UK CBI Trends Total Orders for October are predicted at 2 and UK CBI Trends Selling Prices are predicted at 15. Forex traders can compare this to UK CBI Trends Total Orders for September which was reported at -1 and to UK CBI Trends Selling Prices which were reported at 13.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Supermarket and Department Store Sales: Japanese Supermarket Sales for September increased by 1.9% annualized. Forex traders can compare this to Japanese Supermarket Sales for August which increased by 0.1% annualized. Japanese Nationwide Department Store Sales for September decreased by 3.0% annualized. Forex traders can compare this to Japanese Nationwide Department Store Sales for August which decreased by 0.2% annualized.
- Japanese Machine Tool Orders: Final Japanese Machine Tool Orders for September increased by 2.9% annualized. Forex traders can compare this to previous Japanese Machine Tool Orders for September which increased by 2.8% annualized.
Should price action for the GBPJPY remain inside the or breakdown below the 145.450 to 146.500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 146.000
- Take Profit Zone: 142.600 – 143.050
- Stop Loss Level: 147.550
Should price action for the GBPJPY breakout above 146.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 147.050
- Take Profit Zone: 149.300 – 149.700
- Stop Loss Level: 146.500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
