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Gbpjpy: range shock down

Fundamental analysis:

The pound remained volatile around 161.309 against the Japanese yen. Due to the embargo on Russian energy imports, the British economy is facing hyperinflationary pressure caused by the rise in natural gas and electricity prices. As winter approaches, Britain needs more energy, and the price cap announced by the energy regulator is expected to rise by 80%.

Gbpjpy - 4-hour K-line chart shows:

Technical analysis:

The 4-hour chart shows that the short-term entanglement range fluctuates and shifts. Although the Bulls move up rapidly, the market bears are shrouded in sentiment and fall again. The MACD index hovers at the lower side of the 0 axis, and the RSI index is at the lower side of the 50 equilibrium line;

Long and short turning point: 161.393

Pressing position: 161.664, 161.915

Support position: 161.041, 160.810

Trading strategy: bearish below 161.393, target 161.041, 160.810

Alternative strategies: bullish above 161.393, targets 161.664 and 161.915

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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