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GBPJPY: Short positions plummet and low positions are sorted out

2022-09-23
1149
Fundamental analysis:

The pound remained volatile against the yen at 160.198. The Bank of England said that the monetary policy committee decided to raise interest rates by 50 basis points with a voting ratio of 5:4, and three members supported the increase by 75 basis points. The committee also voted to start the sale of treasury bonds on October 3, and decided to reduce the holdings of treasury bonds by 80 billion pounds to 758 billion pounds in the next 12 months by 9-0.


GBPJPY - 4-hour K chart shows:




Technical analysis:


The 4-hour chart shows that the momentum of short positions has fallen rapidly, the low position has been sorted out for a short time, and the market bearish sentiment has started to pour in. The MACD indicator is in the short position area to maintain consolidation, and the RSI indicator is in the short position area to maintain weak hovering;


Empty turning point: 160.417


Pressing position: 161.040, 161.570


Support position: 159.654, 159.139


Trading strategy: bearish at 160.417, target 159.654, 159.139


Alternative strategy: bullish above 160.417, target 161.040, 161.570

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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