Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: UK Jobless Claims Change for August were reported at 2.4K and the Claimant Count Rate was reported at 2.2%. Economists predicted a reading of 1.8K and 2.2%. Forex traders can compare this to UK Jobless Claims Change for for July which were reported at -3.6K and the Claimant Count Rate which was reported at 2.2%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in July was reported at 174K and the ILO Unemployment Rate at 4.9%. Economists predicted a reading of 172K and 4.9%. Forex traders can compare this to the UK Employment Change for June which was reported at 172K and to the ILO Unemployment Rate which was reported at 4.9%. Average Weekly Earnings for the tri-monthly period ending in July increased by 2.3% annualized and Average Weekly Earnings Excluding Bonuses increased by 2.1% annualized. Economists predicted an increase of 2.1% and of 2.2%. Forex traders can compare this to Average Weekly Earnings for June which increased by 2.5% and Average Weekly Earnings Excluding Bonuses which increased by 2.3%.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Condominium Sales: Japanese Condominium Sales for August decreased by 24.7% annualized. Forex traders can compare this to Japanese Condominium Sales for July which decreased by 30.7% annualized.
- Japanese Industrial Production: Final Japanese Industrial Production for July decreased by 0.4% monthly and by 4.2% annualized. Forex traders can compare this to initial Japanese Industrial Production for July which was reported flat at 0.0% monthly and which decreased by 3.8% annualized.
Should price action for the GBPJPY remain inside the or breakout above the 135.250 to 135.750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 135.000
- Take Profit Zone: 145.000 – 146.500
- Stop Loss Level: 132.000
Should price action for the GBPJPY breakdown below 135.250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 134.750
- Take Profit Zone: 128.750 – 129.750
- Stop Loss Level: 135.250
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