GBPJPY: bearish downlink

Fundamental analysis:

The pound remained volatile against the yen at 166.165. As global economic growth slowed, confidence deteriorated, inflation continued to rise and interest rates further squeezed disposable income, the British economy would almost inevitably fall into recession. Continue to predict that the economy will shrink by 0.5% next year. However, since the market forecast did not take into account the fiscal consolidation measures accounting for 2% of GDP, the economic growth tends to decline, especially for the next two years.

GBPJPY - 4-hour K chart shows:

Technical analysis:

The 4-hour chart shows that the bearish power maintains a good downward trend of shock, and the short-term decline may continue. The market as a whole is in a weak position and continues to move downward. The MACD index is arranged under the 0 axis, and the RSI index is arranged under the 50 equilibrium line;

Empty turning point: 166.339

Pressing: 166.932, 167.471

Support: 165.681, 165.194

Trading strategy: 166.339 lower bearish, target 165.681, 165.194

Alternative strategy: bullish above 166.339, target 166.932, 167.471