The price above 20 MA and 200 MA, indicating a growing trend.
The MACD is above the zero line.
The oscillator Force Index is below the zero line.
If the level of resistance is broken, you should follow recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 151.60
• Take Profit Level: 153.00 (140 pips)
If the price rebound from resistance level, you should follow recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 149.90
• Take Profit Level: 149.30 (60 pips)
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
GOLD
Possible long position at the breakdown level 1316.00USDJPY
Possible long position at the breakdown level 111.90
USDCHF
Possible short position at the breakdown level 0.9580
GBPUSD
Possible long position at the breakdown level 1.3620
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