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GBPJPY: sharp decline at high level
2022-10-24
1072
Fundamental analysis:
The pound remained volatile against the yen at 166.131. In October, the GfK consumer confidence index of the UK rebounded to negative 47, but it was still close to a record low; Economists had expected the index to drop to negative 52 in October.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the high short position fell rapidly, the market short position mood was shrouded, and the short-term decline may continue. The MACD index remained in the long position and remained volatile down to the 0 axis, while the RSI index was in the lower side of the 50 equilibrium line;
Empty turning point: 166.420
Pressing: 167.321, 168.126
Support: 165.384, 164.636
Trading strategy: 166.420 lower bearish, target 165.384, 164.636
Alternative strategy: bullish above 166.420, target 167.321, 168.126
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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