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GBPJPY: High level oscillation downlink
2022-10-07
1121
Fundamental analysis:
The pound remained volatile against the yen at 161.901. With more and more doubts about the weak fundamentals of the UK, worries about the UK economic outlook became more and more serious. The rise in interest rates caused by global factors and the market's response to the "mini budget" will aggravate the scope of the recession.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of high short positions began to slowly retreat downward, market short positions emerged, and the short-term retreat may continue. The MACD indicator was in the bull region and maintained its weakness and retreated to hover near the 0 axis, while the RSI indicator was in the weak consolidation near the 50 equilibrium line;
Empty turning point: 162.216
Pressing: 163.250, 164.441
Support: 160.995, 160.149
Trading strategy: bearish at 162.216, target 160.995, 160.149
Alternative strategy: bullish on 162.216, target 163.250, 164.441
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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