GBPJPY: sorting out high position and weak position

Fundamental analysis:

The pound remained volatile against the yen at 166.129. The British Trade Secretary: The Prime Minister expressed his determination to stick to her plan. The Prime Minister and the Chancellor of the Exchequer were firm in their attitude and determination. We have to wait and see what the Prime Minister will say on October 31. The Prime Minister and the Chancellor of the Exchequer are determined to achieve the growth plan. The government has made it clear that the detailed plan will be released on October 31, and the government will make appropriate response according to the development of the situation.

GBPJPY - 4-hour K chart shows:

Technical analysis:

The 4-hour chart shows that the high level is sorted out in a short term and narrow range. The bull power starts to slowly retreat after breaking through the previous high level. The market short power is waiting for an opportunity to enter the market. The MACD index hovers at the high level in the bull region, and the RSI index maintains its sorting in the bull region;

Empty turning point: 166.313

Pressing: 167.428, 167.458

Support: 165.142, 164.108

Trading strategy: 166.313 lower bearish, target 165.142, 164.108

Alternative strategy: bullish above 166.313, target 167.428, 167.458