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GBPJPY: Bears fall
2022-12-19
1244
Fundamental analysis:
GBP/JPY remained volatile around 166.130, with retail sales activity falling less than expected but also higher than October's figures, which were hit by a national holiday commemorating Queen Elizabeth II's funeral in September. There has been a modest rebound.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen strongly, and the short-term decline may continue. The overall short-term sentiment in the market has emerged. The MACD indicator is on the lower side of the 0 axis and the RSI indicator is in the short-term area.
Long-short turning point: 166.288
Suppression: 166.647, 167.035
Support: 165.802, 165.492
Trading strategy: bearish below 166.288, target 165.802, 165.492
Alternative strategy: Bullish above 166.288, target 166.647, 167.035
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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