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Gbpjpy: short moves down in narrow range oscillation

Fundamental analysis:

The pound remained fluctuating around 165.351 against the yen. British inflation may not rise from the 40 year high of 10.1% in July to about 14.5% in January, but reach a peak of about 11.5% in November, and then decline faster next year.

Gbpjpy - 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the high short power maintained a narrow consolidation downward trend, the market short sentiment emerged and began to slowly decline, the MACD index maintained a consolidation downward trend in the long region, and the RSI index hovered on the 50 equilibrium line;

Long short turning point: 165.474

Pressing position: 165.932, 166.336

Support position: 164.943, 164.582

Trading strategy: 165.474 down bearish, target 164.943, 164.582

Alternative strategy: bullish above 165.474, target 165.932, 166.336

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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