Evaluation and Forecast, Forex Trading, GBP/JPY

GBP/JPY Forecasting September 6th 2018

GBP/JPY Chart On August 30th, 31st, and Sept 3rd, 4th, 5th showing a bended price action from bearish to bullish trend

 

GBP/JPY Pivot Point (143.836), S1 (142.717) and R1 (145.032)

 

GBP/USD Chart On August 30th, 31st, and Sept 3rd, 4th, 5th showing a part of price swing in order to test a new price equilibrum

 

GBP/USD Pivot Point (1.2891), S1 (1.2799) and R1 (1.2996)

 

USD/JPY Chart On August 30th, 31st, and Sept 3rd, 4th, 5th showing a long sideways price

 

GBP/JPY Pivot Point (111.546), S1 (111.339) and R1 (111.727)

 

What will happen on Augs 6th?

12:15 GMT +0    USD: ADP non-Farm Employment Change «««

The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government’s non-farm payroll report. The change in this indicator can be very volatile.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

Forecast: 186K

Preview: 181K

 

14:00 GMT +0    USD: ISM non-Manufacturing PMI «««

The Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI) (also known as the ISM Services PMI) report on Business, a composite index is calculated as an indicator of the overall economic condition for the non-manufacturing sector. The NMI is a composite index based on the diffusion indexes for four of the indicators with equal weights: Business Activity (seasonally adjusted), New Orders (seasonally adjusted), Employment (seasonally adjusted) and Supplier Deliveries.

A reading above 50 percent indicates the non-manufacturing sector economy is generally expanding; below 50 percent indicates the non-manufacturing sector is generally contracting. The Non-Manufacturing ISM Report on Business is based on data compiled from monthly replies to questions asked of more than 370 purchasing and supply executives in over 62 different industries representing nine divisions from the Standard Industrial Classification (SIC) categories. Membership of the Business Survey Committee is diversified by SIC category and is based on each industry contribution to Gross Domestic Product (GDP).

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

Forecast: 58.6%

Preview:  59.1%

 

15:00 GMT +0    USD: Crude Oil Inventories «««

The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.

If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. The same can be said if a decline in inventories is less than expected.
If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices. The same can be said if a decline in inventories is more than expected.

Forecast: -0.686M

Preview: -5.836M

 

GBP/JPY Price Action on Aug 6th

Before we start… as always, I want to let you know and have to be our main consideration that:

The above equation means that GBP/JPY pair have a direct impact of GBP/USD and USD/JPY price action, it has a little headachingly forecasting than its main pair, but don’t worry its worth.

From the economic calendar we know that USD will have high and volatile impact today and that’s means those impact will occurs to both GBP/USD and USD/JPY, so the show still goes on event with a little wavy price action but after all the price still goes weak bullish.

Good Day and Happy Trading

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