Chapter 38 Is it the downtrend start for GBPJPY?
23/05/2023
Summary
United Kingdom CPI Inflation Rate Leads the market
Fundamental analysis
Fundamentally in this pair, Tomorrow in England there is data released on the CPI inflation rate with negative market expectations for the pound they expect the inflation rate will go down from From10.1% to 8.2% when this happens will give weakness to the pound.
United Kingdom CPI Inflation Rate YoY
Prev.: 10.1%
Fcst: 8.2%
Technical analysis
In this 4-hour diagram chart, the market price now is 172.224, we expect the market to push the price down to the previous demand zone at 171.000 and range for a while inside this demand zone and from that point, the Market will push the price down to the oldest demand zone at 168.000 with the 20-moving average point down.
Trading Recommendation
Trading Direction: Short
Entry Price: 171.168
Target Price: 168.779
Stop Loss: 172.415
