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GBPJPY: Low weak position moves down
2022-09-28
1145
Fundamental analysis:
The pound remained volatile against the yen at 155.285. Investors worried that Britain's new economic plan would damage the country's financial situation. The Bank of England said that it was "very closely" watching the financial market after the sharp fluctuations in asset prices. The Bank of England is likely to be forced to raise interest rates sharply at the forthcoming November meeting.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the low bulls are blocked after the short-term shock moves up, and the bears are waiting for the opportunity to enter again. After the slow sorting, there is a sign of moving down again. The MACD indicator is in the short area and maintains the upward consolidation, while the RSI indicator is in the weak position below the 50 equilibrium line;
Empty turning point: 155.617
Pressing position: 156.867, 158.013
Support position: 154.089, 153.013
Trading strategy: bearish at 155.617, target 154.089, 153.013
Alternative strategy: bullish above 155.617, target 156.867, 158.013
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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