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GBPJPY: Lower lows
2022-12-21
1132
Fundamental analysis:
GBP/JPY remained oscillating around 160.476. The UK recession will be "slight but long-lasting", and UK GDP is expected to shrink by 1.3% in 2023. The economy may recover only partially through 2024, when it is expected to grow by 0.2%.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the short-term momentum fell strongly, it fluctuated at a low level, and the short-term bulls pulled up. The market is still in a short-term downward trend. The MACD indicator is in the short-term area and continues to decline, and the RSI indicator is in the short-term area. Low;
Long-short turning point: 160.839
Suppression: 161.590, 162.400
Support: 159.752, 159.081
Trading strategy: bearish below 160.839, target 159.752, 159.081
Alternative strategies: Bullish above 160.839, target 161.590, 162.400
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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