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GBPJPY: High level shock rollback
2022-10-12
1061
Fundamental analysis:
The pound remained volatile against the yen at 159.891. Kwasi Kwateng, the British Chancellor of the Exchequer, needed to cut spending of 62 billion pounds (69 billion dollars) or increase taxes to prevent the proportion of public debt in the economy from expanding.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of high short positions maintains a narrow range of consolidation and slowly declines. The market short positions begin to wait for opportunities to enter the market. The MACD indicator hovers in the weak position below the axis 0, and the RSI indicator is in the narrow range of consolidation below the 50 equilibrium line;
Empty turning point: 160.493
Pressing: 161.653, 162.655
Support: 158.676, 157.674
Trading strategy: bearish at 160.493, target 158.676, 157.674
Alternative strategy: bullish at 160.493, target 161.653, 162.655
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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