UK economic growth is expected to be at the lowest level since october2020

Fundamental analysis:

GBP / JPY remained volatile around 166.816. Due to consumer price resistance and rising cost of living pressure, service providers are increasingly worried about the near-term business prospects, which will restrain expenditure in the second half of 2022. Since the conflict between Russia and Ukraine, the growth expectation has been declining every month and is now at the lowest level since October 2020.

Gbpjpy - 4-hour K-line chart display:

Technical comments: the bull power continued to fluctuate and rise near the brin zone index on the track. After the high level reached the node near 167.083, the short-term bull pull-up trend was good. The brin zone index continued to open its mouth slowly. The MACD index was in the process of continuous upward movement of the bull region, and the RSI index was in the process of upward movement of the bull region to the upper side of the 80 equilibrium line of the overbought region;

Multi empty turning point: 166.608

Pressing position: 167.693, 168.567

Support position: 165.930, 165.230

Trading strategy: bullish above 166.608, target 167.693, 168.567

Alternative strategy: bearish below 166.608, target 165.930, 165.230

The above analysis is a personal point of view and is for reference only.