The GBP/JPY pair confirmed below the 4-hour Ichimoku cloud while still progressing within a longer-term consolidation after it dropped from the one-year high levels earlier in October. The cloud remains incredibly thin, so with more economic data being released from the UK, we could expect this to be the calm before the storm. The U.K. Jobs Data will be out today during the London session at 8:30 AM. The claimant count is expected to increase by 3.2K after falling by 2.8K in August. The unemployment rate, on the other hand, is expected to have held steady at 4.3% while the average earnings index likely maintained its 2.1% pace of increase for the three-month period ending in August. More on the economic calendar is ECB President Draghi’s speech in Frankfurt at 8:10 AM. The U.S. Federal Reserve Releases their Beige Book at 6 PM, and during the next day’s Asian session, Japan’s Merchandise Trade Balance Total (Yen) (SEP) will be out at 11:50 PM GMT. Thanks for watching, invest responsibly and I wish you the best of luck making pips by trading forex.
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