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GBPJPY: High level multi head oscillation
2022-10-13
1123
Fundamental analysis:
The pound remained volatile against the yen at 162.837. The British economy unexpectedly contracted in August for the first time in two months, increasing the possibility that the country is currently in recession. This decline means that the British economy will be lucky to avoid recession in the third quarter, which marks the beginning of the cost of living recession.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' power remained at a high level and the volatility space gradually expanded. Market bullish sentiment began to emerge. MACD stopped at the weak side near the axis 0 and the RSI index was at the 50 equilibrium line;
Empty turning point: 162.457
Pressing: 163.953, 164.982
Support: 161.335, 160.182
Trading strategy: 162.457 upward bullish, 163.953 and 164.982 targets
Alternative strategy: 162.457 bearish, target 161.335, 160.182
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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