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GBPJPY: Bears pull back
2022-12-07
1299
Fundamental analysis:
GBP/JPY remained oscillating around 186.199, as a new national center for chip manufacturing may be established as part of the British government's semiconductor strategy. The UK Department for Digital, Culture, Media and Sport (DCMS) has launched a feasibility study to establish a national agency to strengthen the infrastructure underpinning UK industry through the government's forthcoming semiconductor strategy.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics began to retreat after a narrow range of adjustments, and the short-term decline began to wait for an opportunity to enter the market. The MACD was weakly organized on the upper side of the 0 axis, and the RSI index was hovering weakly near the 50 balance line;
Long-short turning point: 166.358
Suppression: 166.661, 166.982
Support: 165.890, 165.569
Trading strategy: bearish below 166.358, target 165.890, 165.569
Alternative strategy: Bullish above 166.358, target 166.661, 166.982
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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