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GBPJPY: The shock moves up
2022-12-20
1140
Fundamental analysis:
GBP/JPY remained volatile around 166.324 as British factory output and export orders both fell this month, underscoring the problems facing the manufacturing sector, including high inflation and a weak global economy. The Confederation of British Industry (CBI) said its gauge of manufacturing output in the three months to December fell to its lowest level since September 2020.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum maintains a narrow range of shocks and moves upward, short-term bullish sentiment emerges, the MACD indicator is in the short zone to maintain consolidation, and the RSI indicator is in the short zone and slowly rises;
Long-short turning point: 166.175
Suppression: 166.647, 167.035
Support: 165.802, 165.492
Trading strategy: Bullish above 166.175, target 166.647, 167.035
Alternative strategy: bearish below 166.175, target 165.802, 165.492
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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