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GBPJPY: Short position low position down
2022-11-04
1086
Fundamental analysis:
The pound remained volatile against the yen at 165.345. It is expected that the British economy will be in recession for a long time, and CPI inflation will remain at a high level of more than 10% in the short term. From the middle of 2023, inflation is expected to decline significantly, provided that market interest rates rise, and the previous rise in energy prices is not within the scope of annual comparison.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the power of high short positions has rapidly fluctuated downward, the short-term decline has not stopped, and the market short position mood is shrouded. The MACD indicator is in the short position area and continues to move downward, while the RSI indicator is hovering near the 15 equilibrium line of the low position oversold area in the short position area;
Empty turning point: 165.630
Pressing: 166.118, 166.645
Support: 164.905, 164.447
Trading strategy: 165.630 lower bearish, target 164.905, 164.447
Alternative strategy: bullish above 165.630, target 166.118, 166.645
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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