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GBPJPY: High level rollback
2022-11-01
1036
Fundamental analysis:
The pound remained volatile against the yen at 170.482. The UK overnight index swap rate (OIS) market forecast that the probability of the Bank of England raising interest rates by 75 basis points this week was 98%, and the probability of raising interest rates by 100 basis points was 2%.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum keeps surging, the high level retreats for a short time, and the market bears' momentum shows signs of waiting for an opportunity to enter the market. The MACD index is at the high level in the bulls' region, and the RSI index is at the 50 balanced online side, where the weak side hovers;
Empty turning point: 170.718
Pressing: 171.467, 172.183
Support: 169.758, 169.105
Trading strategy: bearish at 170.718, target 169.758, 169.105
Alternative strategy: bullish above 170.718, target 171.467, 172.183
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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