Daily Trading Analysis 22.02.2023

Technical & Fundamental analysis

Trading Analysis of EUR/JPY EUR/JPY regains upside momentum past 144.00 as Tokyo opens on Wednesday. In doing so, the cross-currency pair picks up bids to dash the previous day’s U-turn from the highest levels since late December amid cautious optimism in the market.  Our Analysis: While the price is above 143.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 144.55 Take Profit 1: 145.60 Take Profit 2: 147.00 Alternative scenario: If the level 143.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 143.00 Take profit 1: 141.50 Take Profit 2: 140.00 Learn More Trading Analysis of GBP/JPY The GBP/JPY registers a minimal upside as Wednesday’s Asian session begins. On Tuesday, the GBP/JPY printed losses of 0.35% and formed an inverted hammer, meaning that further downside is expected.  Our Analysis: As long as the price is above 162.00 follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 164.20 Take profit 1: 165.00 Take Profit 2: 169.00 Alternative scenario: If the level of 162.00 is broken-down, follow the recommendations below:  Time frame: D1 Recommendation: short position Entry point: 162.00 Take profit 1: 159.00 Take profit 2: 157.00 Learn More Fundamental Trading Analysis of Alibaba Alibaba, the Chinese e-commerce and cloud giant, recently released its Q3 FY2023 report, showing a 2% YoY rise in revenue to ¥247.8bn ($35.9bn), beating analyst estimates by $40m. Our Analysis: As long as the price is below 95.00, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 87.70 Take Profit 1: 85.00 Take Profit 2: 76.00 Alternative scenario: If the level of 95.00 is broken-out, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 95.00 Take Profit 1: 102.00 Take Profit 2: 110.00 Learn More Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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