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GBPJPY: High Short Move Down
2022-09-16
1038
Fundamental analysis:
The pound remained volatile against the yen at 164.474. The UK is expected to enter a recession later this year. The institution expects that the Bank of England's bank interest rate will reach 3.25% by February 2023.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of high short positions remains volatile and downward, and short positions in the market begin to emerge. The MACD indicator is at the lower side of the 0 axis and the RSI indicator is at the lower side of the 50 equilibrium line;
Empty turning point: 164.641
Pressing position: 165.099, 164.519
Support position: 163.993, 163.535
Trading strategy: 164.641 lower bearish, with goals of 163.993 and 163.535
Alternative strategy: bullish on 164.641, target 165.099, 164.519
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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