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GBPJPY: High Short Placement
2022-10-25
1072
Fundamental analysis:
The pound remained volatile against the yen at 167.790, and Sunak became the new British Prime Minister. However, the British economy may face a more difficult period, because it is trying to get rid of the worsening recession, and even the prospect of elections - the upheaval may further disrupt the market.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that after the high short-term great earthquake, the amplitude space narrowed again, and the market bearish sentiment began to show signs of waiting for an opportunity to enter the market. The MACD index hovered on the upper side of the 0 axis, and the RSI index was weak near the 50 equilibrium line;
Empty turning point: 168.031
Pressing position: 168.721, 169.507
Support position: 166.880, 166.151
Trading strategy: bearish at 168.031, target 166.880, 166.151
Alternative strategy: bullish on 168.031, target 168.721, 169.507
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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