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GBPJPY: High position narrow range finishing
2022-10-21
1160
Fundamental analysis:
The pound remained volatile against the yen at 168.589. Investors expected that the UK's economic outlook remained uncertain, with soaring borrowing costs, soaring consumer prices, and the government in chaos. Its credibility was hit hard, and it is unlikely to inspire too much confidence.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the high position and narrow range of weak positions are sorted out. The short market momentum shows signs of opportunistic entry, but it is still hovering at the high position. The MACD index is sorted out in the long region, and the RSI index is hovering at the 50 equilibrium line of weak positions in the market;
Empty turning point: 168.660
Pressing: 169.518, 170.293
Support: 167.746, 166.863
Trading strategy: bearish at 168.660, target 167.746, 166.863
Alternative strategy: bullish above 168.660, target 169.518, 170.293
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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