Here are the key factors to keep in mind today for British Pound trades:
- UK Employment Report: Economists expect the annualized three-month period which ended in January to show the addition of 130,000 jobs and that the ILO unemployment rate decreased to 5.6%. Forex traders can compare this with the addition of 103,000 jobs in December where the unemployment rate was 5.7%. Average weekly earnings are expected to increase by 2.2% and average weekly earnings excluding bonuses are expected to increase by 1.8%. This can be compared to the 2.1% increase and 1.7% increase reported in December.
- UK Jobless Claims: Expectations call for a loss of 30,000 jobless claims for February and a claimant count rate of 2.4%. Forex traders can compare this to January’s loss of 38,600 and a claimant count rate of 2.5%.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Merchandise Trade Deficit: The Japanese Merchandise Trade Deficit was reported at ¥424.6 billion in February. This was much lower than the ¥986.6 billion deficit economists expected and forex traders should compare this to the trade deficit of ¥1,179.1 billion which was reported in January. Imports, which were reported at -3.6, helped to sharply reduce the trade deficit as imports were reported at 2.4. Economists expected a level of 3.2 and 0.3 respectively which can be compared to January’s data which was reported at -9.0 and 17.0.
Should price action for the GBPJPY remain inside the 178.000 to 179.000 zone or breakout above it the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Long Position
- Entry Level: Long Position @ 178.300
- Take Profit Zone: 181.500 – 182.500
- Stop Loss Level: 176.000
Should price action for the GBPJPY breakdown below 178.000 the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Short Position
- Entry Level: Short Position @ 177.800
- Take Profit Zone: 175.000 – 176.000
- Stop Loss Level: 178.000
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