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Gbpjpy: short momentum fell sharply
2022-08-05
1291
Fundamental analysis:
The pound remained volatile around 161.468 against the yen, and the Bank of England Monetary Policy Committee (MPC) has been steadily raising interest rates since December last year to cope with serious inflation, which is currently as high as 9.4% and has not been seen in nearly 40 years.
Gbpjpy - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the low-level Bull Power rose in a short-term shock, fell sharply after encountering obstacles, and the overall short position of the market was strong. The MACD index was weak at the lower side of the 0 axis, and the RSI index was narrow at the lower side of the 50 equilibrium line;
Turning point of long and short: 161.731
Pressing position: 162.252, 162.735
Support position: 160.948, 160.440
Trading strategy: bearish below 161.731, target 160.948, 160.440
Alternative strategy: bullish above 161.731, target 162.252, 162.735
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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