Here are the key factors to keep in mind today for British Pound trades:
- UK CPI: The UK CPI for April is predicted to increase by 0.7% monthly and by 2.2% annualized. Forex traders can compare this to the UK CPI for March which increased by 0.2% monthly and by 1.8% annualized. The Core CPI for April is predicted to increase by 1.9% annualized and the CPI Including Housing Costs is predicted to increase by 2.1% annualized. Forex traders can compare this to Core CPI for March which increased by 1.8% annualized and to the CPI Including Housing Costs which increased by 1.8% annualized.
- UK PPI: The UK PPI Input for April is predicted to increase by 1.2% monthly and by 4.4% annualized. Forex traders can compare this to the UK PPI Input for March which decreased by 0.2% monthly and which increased by 3.7% annualized. The UK PPI Output for April is predicted to increase by 0.3% monthly and by 2.3% annualized. Forex traders can compare this to the UK PPI Output for March which increased by 0.3% monthly and by 2.4% annualized. The UK PPI Core Output for April is predicted to increase by 0.2% monthly and by 2.2% annualized. Forex traders can compare this to the UK PPI Core Output for March which was reported flat at 0.0% monthly and which increased by 2.2% annualized.
- UK RPI: The UK RPI for April is predicted to increase by 0.9% monthly and by 2.8% annualized. Forex traders can compare this to the UK RPI for March which was reported flat at 0.0% monthly and which increased by 2.4% annualized. The UK RPI Excluding Mortgage Interest Payments for April is predicted to increase by 2.8% annualized. Forex traders can compare this to the UK RPI Excluding Mortgage Interest Payments for March which increased by 2.4% annualized.
- UK House Price Index: The UK House Price Index for March is predicted to increase by 1.0% annualized. Forex traders can compare this to the UK House Price Index for February which increased by 0.6% annualized.
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for April is predicted at £5.1B and UK Public Sector Net Borrowing excluding Banking Groups at £6.0B. Forex traders can compare this to UK Public Sector Net Borrowing for March which was reported at £0.8B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at £1.7B.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Merchandise Trade Balance: The Japanese Merchandise Trade Balance for April was reported at ¥60.4B and the Adjusted Merchandise Trade Balance at -¥110.9B. Economists predicted a figure of ¥229.5B and of -¥37.5B. Forex traders can compare this to the Merchandise Trade Balance for March which was reported at ¥528.5B and to the Adjusted Merchandise Trade Balance which was reported at -¥177.8B. Merchandise Trade Exports for April decreased by 2.4% annualized and Merchandise Trade Imports increased by 6.4% annualized. Economists predicted a decrease of 1.5% annualized and an increase of 4.6% annualized. Forex traders can compare this to Merchandise Trade Exports for March which decreased by 2.4% annualized and to Merchandise Trade Imports which increased by 1.2% annualized.
- Japanese Machine Orders: Japanese Machine Orders for March increased by 3.8% monthly and decreased by 0.7% annualized. Economists predicted a flat reading of 0.0% monthly and a decrease of 3.5% annualized. Forex traders can compare this to Japanese Machine Orders for February which increased by 1.8% monthly and which decreased by 5.5% annualized.
Should price action for the GBPJPY remain inside the or breakout above the 139.550 to 140.700 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 140.250
- Take Profit Zone: 143.800 – 144.800
- Stop Loss Level: 139.000
Should price action for the GBPJPY breakdown below 139.550 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 139.100
- Take Profit Zone: 137.400 – 138.000
- Stop Loss Level: 139.550
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