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GBPJPY: low position down
2023-01-03
1074
Fundamental analysis:
GBP/JPY remained volatile around 158.004, and British Chancellor Hunt "will announce that the scheme will be extended for 12 months, but the subsidy level will be halved, due to concerns that taxpayers will be affected by energy price fluctuations." Borrowing hit a record high for the same month, driven by factors including energy subsidies and higher interest costs on debt, as well as a reversal in payroll tax increases.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum maintains a slow downward trend, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is in the short-selling area and the RSI indicator is hovering at the low level in the short-selling area;
Long-short turning point: 158.356
Suppression: 159.096, 159.837
Support: 157.270, 156.678
Trading strategy: bearish below 158.356, target 157.270, 156.678
Alternative strategy: Bullish above 158.356, target 159.096, 159.837
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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