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On November 16th, according to the Finnish newspaper Helsingin Sanomat, European Central Bank (ECB) Governing Council member Rehn stated that the risk of slowing inflation should not be ignored. Low energy prices, a stronger euro, and declining wage and service sector inflation all suggest that overall inflation may be excessively below the ECBs 2% target. When asked if the ECB might cut interest rates again in December, Rehn said, "This risk cannot be underestimated." However, he also cautioned against the potential for rising inflation. Rehn stated that despite the Trump administrations tariff policies disrupting global trade, the Eurozone economy has shown resilience. Rehn also warned that the stock market "clearly faces the risk of a correction," emphasizing the importance of bank capital buffers. Driven by the US artificial intelligence boom, current stock prices appear high relative to the performance of the real economy and corporate profits. This requires caution.On November 16th, it was reported that the United States and Trinidad and Tobago are about to conduct military exercises in waters near the coast of Venezuelas Sucre state. On November 15th, Venezuelan President Maduro strongly condemned the exercises, calling the action "irresponsible" and a "threat" to peace in the Caribbean. Maduro stated that such actions are intended to put pressure on Venezuela, but Venezuela "will not be threatened by anyone." Recently, Trinidad and Tobagos Attorney General John Jeremy stated that the 22nd Marine Expeditionary Unit will be "intensifying exercises" in the country "in the coming days."1. Hungarian Prime Minister: Europe is on the brink of war. 2. Ukraine claims 1,200 Ukrainian prisoners will be released; Russia has not yet responded. 3. Russian Ministry of Defense: Russian troops have taken control of the Yablokovo settlement in Zaporizhia. 4. Ukrainian President Zelenskyy has ordered a comprehensive reform of state-owned energy companies. 5. According to RIA Novosti: The situation remains stable after an external power line to the Zaporizhia nuclear power plant was shut down. 6. Southern Ukrainian Defense Forces: Ukrainian troops have conducted a tactical withdrawal from the town of Novovasilivsk in the Zaporizhia region. 7. General Staff of the Armed Forces of Ukraine: A Russian oil refinery in Ryazan Oblast was attacked by Ukrainian forces; the refinery produces 840,000 tons of aviation fuel and other military fuels annually. 8. Russian Ministry of Defense: 247 Ukrainian drones were shot down in the past 24 hours. A Ukrainian military airport and energy facility related to the defense industry were attacked. 9. General Staff of the Armed Forces of Ukraine: Ukrainian forces struck the Sky-U radar station in Crimea, a military train in the Tokmok region of Zaporizhzhia, and a Russian troop assembly point in Volchansk, Kharkiv region.On November 16, the Kremlin announced that Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu held a phone conversation on November 15, during which they had in-depth exchanges on the situation in the Middle East, including developments in the Gaza Strip, Irans nuclear program, and the situation in Syria.On November 15th, a Federal Reserve official revealed that former Federal Reserve Governor Kugler resigned abruptly because Federal Reserve Chairman Powell refused to grant her an exemption from handling financial assets that violated the Feds code of ethics. The official stated that Kugler was under investigation by the Feds internal oversight body for recent financial reporting issues before her resignation in August. Documents released on Saturday show that officials at the Feds Office of Ethics refused to approve Kuglers latest financial reporting materials and referred the matter to the Feds Office of the Inspector General. These reporting materials, published on the website of the U.S. Government Office of Ethics, indicate details of her financial activities that allegedly violated the Feds internal code of ethics. Kugler announced her resignation on August 1st, effective August 8th, without specifying a reason.

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.

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