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GBPJPY: Weak narrow range finishing
2022-10-11
1090
Fundamental analysis:
The pound remained volatile against the yen at around 160.930. The Bank of England said that it was prepared to increase the scale of daily government bond purchases to ensure sufficient bond purchasing capacity before the end of bond purchases on October 14. The maximum scale of each bond purchase operation would be confirmed every morning, and the scale of Monday's bid purchase would be set to a maximum of 10 billion pounds (11 billion dollars).
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that the power of high short positions maintains a narrow range of weak positions, and there are signs of continuing to maintain weak positions in the short term. The MACD indicator is in a narrow range near the 0 axis, and the RSI indicator is in a weak range of weak positions below the 50 equilibrium line;
Empty turning point: 161.371
Pressing: 162.530, 163.564
Support: 160.149, 159.209
Trading strategy: 161.371 lower bearish, target 160.149, 159.209
Alternative strategy: 161.371 upper bullish, 162.530 and 163.564 targets
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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