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Gbpjpy: short shock down
2022-08-12
1231
Fundamental analysis:
GBP / JPY fluctuated around 162.216. It seems that the foreign exchange market still thinks that the US economy may have a soft landing, but the UK may face the risk of a hard landing. It is expected that from the end of this year, Britain will have a more lasting recession. The rise in energy costs is a key reason for the Bank of England to significantly raise its inflation expectations.
Gbpjpy - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the market's short-term momentum fluctuates downward, and the short-term downward trend may continue. The MACD index is in the weak position at the lower side of the 0 axis, and the RSI index is hovering at the lower side of the 50 equilibrium line;
Long and short turning point: 162.606
Pressing position: 163.099, 163.569
Support position: 161.666, 161.202
Trading strategy: bearish below 162.606, target 161.666, 161.202
Alternative strategy: bullish above 162.606, targets 163.099 and 163.569
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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