Here are the key factors to keep in mind today for British Pound trades:
- UK GfK Consumer Confidence: UK GfK Consumer Confidence for September was reported at -9. Economists predicted a figure of -8. Forex traders can compare this to UK GfK Consumer Confidence for August which was reported at -7.
- UK Lloyds Business Barometer: The UK Lloyds Business Barometer for September was reported at 29. Forex traders can compare this to the UK Lloyds Business Barometer for August which was reported at 23.
- UK Current Account Balance: The UK Current Account Balance for the second-quarter was reported at -£20.3B. Economists predicted a figure of -£19.4B. Forex traders can compare this to the UK Current Account for the first-quarter which was reported at -£17.7B.
- UK GDP and UK Total Business Investment: The final UK GDP for the second-quarter increased by 0.4% quarterly and by 1.2% annualized. Economists predicted an increase of 0.4% quarterly and of 1.3% annualized. Forex traders can compare this to the previous UK GDP for the second-quarter which increased by 0.1% quarterly and by 1.1% annualized. Final UK Total Business Investment for the second-quarter decreased by 0.7% quarterly and by 0.2% annualized. Economists predicted an increase of 0.5% quarterly and of 0.8% annualized. Forex traders can compare this to the previous UK Total Business Investment for the second-quarter which decreased by 0.5% quarterly and which increased by 2.3% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Jobless Rate and Job-to-Applicant Ratio: The Japanese Jobless Rate for August was reported at 2.4% and the Job-to-Applicant Ratio at 1.63. Economists predicted a figure of 2.5% and of 1.63. Forex traders can compare this to the Japanese Jobless Rate for July which was reported at 2.5% and to the Job-to-Applicant Ratio which was reported at 1.63.
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for September 21st was reported at ¥1,505.0B and Japanese Buying Foreign Stocks was reported at ¥297.1B. Forex traders can compare this to Japanese Buying Foreign Bonds for September 14th which was reported at ¥2,330.0B and to Japanese Buying Foreign Stocks which was reported at ¥233.0B. Foreign Buying Japanese Bonds for September 21st was reported at -¥2,297.6B and Foreigners Buying Japanese Stocks was reported at -¥519.8B. Forex traders can compare this to Foreign Buying Japanese Bonds for September 14th which was reported at ¥266.3B and to Foreigners Buying Japanese Stocks which was reported at -¥1,482.3B.
- Japanese Retail Trade Data: Japanese Retail Trade for August increased by 0.9% monthly and by 2.7% annualized. Economists predicted an increase of 0.5% and of 2.0%. Forex traders can compare this to Japanese Retail Trade for July which increased by 0.1% monthly and by 1.5% annualized. Large Retailer’s Sales for August decreased by 0.1% monthly. Economists predicted an increase of 0.3% monthly. Forex traders can compare this to Large Retailer’s Sales for July which decreased by 1.6% monthly.
- Japanese Industrial Production: Preliminary Japanese Industrial Production for August increased by 0.7% monthly and by 0.6% annualized. Economists predicted an increase of 1.4% monthly and of 1.5% annualized. Forex traders can compare this to Japanese Industrial Production for July which decreased by 0.1% monthly and which increased by 2.2% annualized.
- Japanese Vehicle Production: Japanese Vehicle Production for July decreased by 2.0% annualized. Forex traders can compare this to Japanese Production Sales for June which decreased by 4.4% annualized.
- Japanese Housing Starts and Construction Orders: Japanese Housing Starts for August increased by 1.6% annualized to 0.957M units. Economists predicted an increase of 0.3% annualized to 0.946M units. Forex traders can compare this to Japanese Housing Starts for July which decreased by 0.7% annualized to 0.958M units. Construction Orders for August increased by 0.5% annualized. Forex traders can compare this to Construction Orders for July which decreased by 9.3% annualized.
Should price action for the GBPJPY remain inside the or breakdown below the 146.950 to 148.700 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 147.800
- Take Profit Zone: 142.600 – 143.050
- Stop Loss Level: 149.300
Should price action for the GBPJPY breakout above 148.700 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 149.200
- Take Profit Zone: 150.600 – 151.550
- Stop Loss Level: 148.700
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