Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for July is predicted at -£11.740B. Forex traders can compare this to the UK Visible Trade Balance for June which was reported at -£11.383B. The UK Trade Balance Non EU for July is predicted at -£3.300B. Forex traders can compare this to the UK Trade Balance Non EU for June which was reported at -£2.940B. The UK Total Trade Balance for July is predicted at -£2.100B. Forex traders can compare this to the UK Total Trade Balance for June which was reported at -£1.861B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for July is predicted to increase by 0.2% monthly and by 1.1% annualized. Forex traders can compare this to UK Industrial Production for June which increased by 0.4% monthly and by 1.1% annualized. UK Manufacturing Production for July is predicted to increase by 0.2% monthly and by 1.4% annualized. Forex traders can compare this to UK Manufacturing Production for June which increased by 0.4% monthly and by 1.5% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for July is predicted to decrease by 0.5% monthly and to increase by 2.6% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for June which increased by 1.4% monthly and by 2.2% annualized.
- UK GDP: The UK GDP for July is predicted to increase by 0.1% monthly and by 0.5% for the three-month-over-three-month period ending in July. Forex traders can compare this to the UK GDP for June which increased by 0.1% monthly and by 0.4% for the three-month-over-three-month period ending in June.
- UK Index of Services: UK Index of Services for July are predicted to increase by 0.2% monthly and by 0.5% for the three-month-over-three-month period ending in July. Forex traders can compare this to the UK Index of Services for June which was reported flat at 0.0% monthly and which increased by 0.4% for the three-month-over-three-month period ending in June.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese GDP: The Final Japanese GDP for the second-quarter increased by 0.7% quarterly and by 3.0% annualized. Economists predicted an increase of 0.7% quarterly and of 2.6% annualized. Forex traders can compare this to the previous Japanese GDP for the second-quarter which increased by 0.5% quarterly and by 1.9% annualized. The Final Nominal GDP for the second-quarter increased by 0.7% quarterly. Economists predicted an increase of 0.6% quarterly. Forex traders can compare this to the previous Nominal GDP for the second-quarter which increased by 0.4% quarterly. The Final GDP Deflator for the second-quarter increased by 0.1% annualized. Economists predicted an increase of 0.1% annualized. Forex traders can compare this to the previous GDP Deflator for the second-quarter which increased by 0.1% annualized. Final Private Consumption for the second-quarter increased by 0.7% quarterly and Final Business Spending increased by 3.1% quarterly. Economists predicted an increase of 0.7% quarterly and of 2.8% quarterly. Forex traders can compare this to previous Private Consumption for the second-quarter which increased by 0.7% quarterly and to previous Business Spending for the second-quarter which increased by 1.3% quarterly.
- Japanese Current Account Balance and Trade Balance: The Japanese Current Account Balance for July was reported at ¥2,009.7B. Economists predicted a figure of ¥1,893.2B. Forex traders can compare this to the Japanese Current Account Balance for June which was reported at ¥1,175.6B. The Japanese Adjusted Current Account Balance for July was reported at ¥1,484.7B. Economists predicted a figure of ¥1,527.3B. Forex traders can compare this to the Japanese Adjusted Current Account Balance for June which was reported at ¥1,762.4B. The Japanese Trade Balance for July was reported at -¥1.0B. Economists predicted a figure of -¥47.7B. Forex traders can compare this to the Japanese Trade Balance for June which was reported at ¥820.5B.
- Japanese Bank Lending: Japanese Bank Lending including Trusts for August increased by 2.2% annualized and Japanese Bank Lending excluding Trusts increased by 2.2% annualized. Forex traders can compare this to Japanese Bank Lending including Trusts for July which increased by 2.0% annualized and to Japanese Bank Lending excluding Trusts which increased by 2.0% annualized.
- Japanese Bankruptcies: Japanese Bankruptcies for August increased by 8.60% annualized. Forex traders can compare this to Japanese Bankruptcies for July which decreased by 1.68% annualized.
- Japanese Eco Watchers Survey: The Japanese Eco Watchers Survey Current Index for August was reported at 48.7 and the Japanese Eco Watchers Survey Outlook Index was reported at 51.4. Economists predicted a figure of 47.0 and of 48.8. Forex traders can compare this to the Japanese Eco Watchers Survey Current Index for July which was reported at 46.6 and to the Japanese Eco Watchers Survey Outlook Index which was reported at 49.0.
Should price action for the GBPJPY remain inside the or breakout above the 142.600 to 143.500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 143.250
- Take Profit Zone: 148.400 – 149.300
- Stop Loss Level: 142.000
Should price action for the GBPJPY breakdown below 142.600 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 142.400
- Take Profit Zone: 139.900 – 140.700
- Stop Loss Level: 143.250
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