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GBPJPY: High bit slowly ascending

2022-10-05
1101
Fundamental analysis:

The pound remained volatile against the yen at around 165.307. The UK's real yield was too low to attract funds. The Bank of England needed to raise interest rates significantly to ensure currency support. The British Chancellor of the Exchequer Kuateng said that the medium-term financial plan would be announced on November 23 as planned and would not be announced in advance.



GBPJPY - 4-hour K chart shows:




Technical analysis:


The 4-hour chart shows that the bulls' momentum remains weak and the shock is slowly rising. Short term bullish sentiment continues to emerge. The bulls continue to rise. The MACD index is at the high position in the bulls' region and the RSI index is at the high position in the bulls' region and the weak position hovers;


Empty turning point: 164.794


Pressing position: 166.507, 167.700


Support position: 163.628, 162.556


Trading strategy: bullish above 164.794, with targets of 166.507 and 167.700


Alternative strategy: 164.794 lower bearish, target 163.628, 162.556

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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