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On the 22nd local time, South Koreas Joint Chiefs of Staff said that North Korea launched missiles into the waters east of the peninsula.Precious metals prices plummeted from all-time highs on Tuesday, before gold stabilized and silver edged lower in early Asian trading. Meanwhile, the US stock markets rally faltered, showing signs of buyer fatigue. A combination of factors contributed to the decline in precious metals prices, including positive trade negotiations, a stronger dollar, overbought technicals, uncertainty surrounding investor positioning due to the government shutdown, and the end of Indias seasonal buying spree. Fawad Razaqzada, an analyst at City Index and Forex.com, believes that golds recent gains have been extraordinary, driven by falling yields, continued central bank buying, and expectations of further monetary easing. "Markets rarely move in a straight line," he said. "But its premature to call the broader bull trend over. While a pullback is natural, its worth noting that many investors missed out on the previous surge. Soon, they may step in to buy the dip, which will help contain the sell-off."On October 22, Laopu Gold (06181.HK) announced on the Hong Kong Stock Exchange that on October 21, 2025 (after the trading hours of the Hong Kong Stock Exchange), the company entered into a placing agreement with the placing agent, pursuant to which the placing agent has conditionally and separately agreed to act as the agent of the Company to use its best efforts to induce a total of not less than six placees to purchase 3,711,800 new H shares in accordance with the terms and subject to the conditions contained in the placing agreement. The placing price is HK$732.49 per H share (a discount of 4.5% to the latest closing price).On October 22, bond traders were preparing for further declines in U.S. Treasury yields, even though the 30-year bond yield fell to a six-month low on Tuesday. Data showed that the cost of option bets to protect against a sharp drop in yields was rising rapidly. With the U.S. government shutdown about to become the second longest in history, coupled with renewed concerns about the credit market and escalating trade tensions, traders are pouring into high-quality safe-haven assets. The rise in the U.S. Treasury market is pushing the entire yield curve lower. Citi strategist David Bieber wrote: "In terms of positioning, the tactical deployment is clear - go long on everything, and the market is quickly chasing the appreciation of U.S. bonds."Kyiv Mayor: Russia launched an airstrike on Kyiv and Ukrainian air defense forces are operating.

GBP/JPY Price Analysis: The 200-day exponential moving average is exerting selling pressure near 162.00

Alina Haynes

Dec 29, 2022 11:48

 GBP:JPY.png

 

In the early Tokyo session, the GBP/JPY pair has encountered selling pressure as it attempts to surpass immediate resistance at 161.50. The cross has dropped sharply after failing to sustain significant resistance above 162.00. The asset is under pressure following a four-day gaining streak despite the Bank of Japan's (BOJ) announcement of a dovish policy stance in its summary of ideas.

 

The GBP/JPY pair saw a significant decrease after failing to sustain above the 200-period Exponential Moving Average (EMA) at 162.13 on an hourly scale. At 161.38, the cross is near to the 20-exponential moving average (EMA), indicating that the future is likely to be stressful. On a larger scale, potential support is indicated by the 21 December high near 161.00.

 

In the meantime, the Relative Strength Index (RSI) (14) has decreased from the bullish region of 60.00-80.00 to the neutral region of 40.00-60.00, suggesting that the upward momentum has ceased; however, the upside bias has not yet been lost.

 

For an upward move, the pair must surpass the December 28 high of 162.34, which will drive the cross toward the November 11 low of 163.00 and the December 2 low of 164.00.

 

Alternately, a violation of the high from December 21 around 161.00 would take the asset toward the low from December 26 at 160.19, then the low from December 21 at 159.50.