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GBPJPY: Slow down low position
2022-12-23
1155
Fundamental analysis:
GBP/JPY remained volatile around 159.289. The British Parliament proposed a draft legislation on the windfall profit tax for power generators. The British government will allow a tax exemption for "special power generation fuel costs" in this power generator tax. According to the draft, the allowance means that fuel costs for power generation above a certain baseline will be deducted from the pre-tax calculation of the windfall profit tax.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum is slowly moving down from the low position, and the short-term decline may continue. The overall short-term sentiment in the market emerges. The MACD indicator is in the low-level arrangement in the short-selling area, and the RSI indicator is hovering at the low-level in the short-selling area;
Long-short turning point: 159.594
Suppression: 160.266, 160.938
Support: 158.705, 158.118
Trading strategy: bearish below 159.594, target 158.705, 158.118
Alternative strategy: Bullish above 159.594, target 160.266, 160.938
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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