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Gbpjpy: bulls keep moving up
2022-08-09
1231
Fundamental analysis:
The pound remained volatile around 162.980 against the Japanese yen. The British economy may shrink for the first time since the epidemic prevention blockade in early 2021, and the pressure on the prime minister candidates is intensified. It is expected that the GDP of the UK may shrink by 0.2% in the second quarter. This means that the process of economic recovery from the epidemic is suspended, and the beginning of a more lasting economic recession.
Gbpjpy - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the Bulls kept moving upward, and the short-term entanglement was sorted out. The bullish sentiment of the market was shrouded. The MACD index hovered on the upper side of the 0 axis, and the RSI index was in the narrow range of 50 equilibrium online side;
Long and short turning point: 162.748
Pressing position: 163.569, 164.104
Support position: 162.096, 161.548
Trading strategy: bullish above 162.748, target 163.569, 164.104
Alternative strategy: bearish below 162.748, target 162.096, 161.548
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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