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GBPJPY: bearish downlink
2022-11-03
1058
Fundamental analysis:
The pound remained volatile against the yen at 168.414. When Truss resigned and Sunak took over, market confidence further recovered. With the 180 degree turn of British fiscal policy, most of the good news about Britain may have been digested.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the bearish momentum remains weak and moves downward, and the short-term decline may continue. The bearish sentiment in the market is good. The MACD indicator hovers below the 0 axis, and the RSI indicator is weak and collated below the 50 equilibrium line;
Empty turning point: 168.597
Pressing: 169.113, 169.602
Support: 167.948, 167.446
Trading strategy: bearish at 168.597, target 167.948, 167.446
Alternative strategy: bullish above 168.597, target 169.113, 169.602
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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