Here is the key factor to keep in mind today for British Pound trades:
- UK Retail Sales: UK Retail Sales for August increased by 1.0% monthly and by 2.8% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 1.4% annualized. Forex traders can compare this to UK Retail Sales for July which increased by 0.7% monthly and by 1.7% annualized. UK Retail Sales Including Auto and Fuel for August increased by 1.0% monthly and by 2.4% annualized. Economists predicted an increase of 0.2% monthly and of 1.1% annualized. Forex traders can compare this to UK Retail Sales Including Auto and Fuel for July which increased by 0.6% monthly and by 1.4% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Merchandise Trade Balance: The Japanese Merchandise Trade Balance for August was reported at ¥113.6B and the Adjusted Merchandise Trade Balance at ¥367.3B. Economists predicted a figure of ¥104.4B and of ¥404.7B. Forex traders can compare this to the Merchandise Trade Balance for July which was reported at ¥418.8B and to the Adjusted Merchandise Trade Balance which was reported at ¥363.1B. Merchandise Trade Exports for August increased by 18.1% annualized and Merchandise Trade Imports by 15.2% annualized. Economists predicted an increase of 14.3% annualized and of 11.6% annualized. Forex traders can compare this to Merchandise Trade Exports for July which increased by 13.4% annualized and to Merchandise Trade Imports which increased by 16.3% annualized.
- Japanese Convenience Store Sales: Japanese Convenience Store Sales for August decreased by 0.9% annualized. Forex traders can compare this to Japanese Convenience Store Sales for July which were reported flat at 0.0% annualized.
Should price action for the GBPJPY remain inside the or breakdown below the 150.300 to 150.900 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 150.600
- Take Profit Zone: 144.600 – 145.100
- Stop Loss Level: 151.500
Should price action for the GBPJPY breakout above 150.900 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 151.200
- Take Profit Zone: 1.5220 – 152.600
- Stop Loss Level: 151.300
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