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Futures News, August 12th: Crude oil prices have recently stabilized and fluctuated after declining from high levels. The market awaits the US-Russia negotiations, with investors cautiously viewing the talks. There are divergent views on the negotiations, with bulls and bears remaining divided, and the market is generally on the sidelines. As the date of the talks approaches, more and more details are being released. Russia and Ukraine are likely to use territory as a bargaining chip, but this increases the difficulty of the negotiations. Therefore, against this backdrop, crude oil prices are showing resistance to declines, with clear support below, and a volatile market in the short term.On August 12th, US President Trump stated at a White House press conference on the 11th that his meeting with Russian President Vladimir Putin in Alaska on the 15th would be an "exploratory meeting" with "a better or worse outcome," but expressed confidence that the two sides would engage in "constructive dialogue." Trump said he would know the outcome two minutes into the meeting because he was a "dealer." Trump stated that after the Alaska summit, he hoped to "eventually" arrange a meeting between Ukrainian President Volodymyr Zelensky and Putin, and that a trilateral meeting between the US, Russia, and Ukraine could be held if necessary. Trump also stated that US-Russia trade could increase after the Russia-Ukraine agreement.Japans Ministry of Finance will auction 800 billion yen of 20-year government bonds on August 19.Fitch: Singapore banks earnings remain solid despite margin pressure.The Hang Seng Index in Hong Kong opened at 24,824.07 points, down 82.74 points, or 0.33%, on Tuesday, August 12; the Hang Seng Tech Index in Hong Kong opened at 5,427.81 points, down 32.21 points, or 0.59%, on Tuesday, August 12; the CSI 300 Index opened at 8,858.01 points, down 30.07 points, or 0.34%, on Tuesday, August 12; and the H-share Index opened at 4,290.39 points, up 1.08 points, or 0.03%, on Tuesday, August 12.

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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