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Gbpjpy: long high continues to rise

Fundamental analysis:

Sterling remained volatile around 165.672 against the Japanese yen. Truss is expected to make a statement on how to deal with this matter in his first week in Downing Street. She is also expected to announce tax cuts as part of her campaign promise.

Gbpjpy - 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the Bulls' momentum maintained a choppy rise, the short-term high showed signs of continuing to move upward, the market was bullish, the MACD index hovered in the Bulls' area, and the RSI index was arranged below the 80 equilibrium line of the overbought area;

Long short turning point: 165.474

Pressing position: 166.038, 166.421

Support position: 165.102, 164.719

Trading strategy: bullish above 165.474, target 166.038, 166.421

Alternative strategy: bearish below 165.474, target 165.102, 164.719

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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