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Gbpjpy: bears continue to shake down
2022-08-16
1149
Fundamental analysis:
Sterling fluctuated around 160.612 against the Japanese yen. The data showed that the British economy shrank by 0.1% in the last quarter. Moreover, the central bank said that the domestic economy might fall into recession later this year and would not emerge from the recession until early 2024. Analysts predicted that the central bank would raise interest rates significantly.
Gbpjpy - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the short-term momentum maintained a good downward trend, and the short-term downward trend did not stop. The MACD indicator was in the weak position of the short area and moved downward, and the RSI indicator was in the narrow range under the 50 equilibrium line;
Long and short turning point: 160.786
Pressing position: 161.215, 161.583
Support position: 160.228, 159.799
Trading strategy: bearish below 160.786, target 160.228, 159.799
Alternative strategy: bullish above 160.786, target 161.215, 161.583
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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