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GBPJPY: High level oscillation moves up
2022-10-18
1095
Fundamental analysis:
The pound remained volatile against the yen at 169.216. British economists warned that the UK would face a recession of up to nine months as energy prices and inflation hit businesses and households. The British economy is already shrinking and will continue to decline until the middle of next year. It is estimated that GDP will grow by 4.3% this year and shrink by 0.3% in 2023.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum remains volatile and rising, the short-term bullish sentiment continues, and the market's bulls' potential shows no sign of stopping. The MACD index is at the high level in the bulls' region, and the RSI index is at the high level in the bulls' region;
Empty turning point: 168.660
Pressing: 170.079, 171.023
Support: 167.746, 166.863
Trading strategy: bullish above 168.660, target 170.079, 171.023
Alternative strategy: bearish at 168.660, target 167.746, 166.863
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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