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GBPJPY: Multi head attack

2022-11-08
545
Fundamental analysis:

The pound remained volatile against the yen at 168.840. The slowdown of house prices after the epidemic was expected, but there is no doubt that the housing market was hit by the sudden acceleration of the rise of mortgage interest rates due to the mini budget. It is expected to continue to exert pressure on the level of economic activity. As the market expects that the UK autumn report will soon see tax increases and spending cuts, the economic headwind indicates that house prices will further slow down.


GBPJPY - 4-hour K chart shows:




Technical analysis:


The 4-hour chart shows that the bulls have strong momentum to move up, the short-term bullish sentiment remains, the market bulls have a further upward trend, the MACD index is in the short area and moves up, and the RSI index is in the 50 balanced online side;


Empty turning point: 168.597


Pressing: 169.348, 169.810


Support: 168.109, 167.608


Trading strategy: bullish above 168.597, target 169.348, 169.810


Alternative strategy: bearish at 168.597, target 168.109, 167.608



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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