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GBPJPY: bears down
2023-03-24
823
Fundamental analysis:
GBP/JPY remained volatile around 160.686. The Bank of England raised interest rates by 25 basis points. Tenrero and Dingra voted to keep interest rates unchanged. That suggests inflation data and risks will be key at the May meeting. Markets are pricing in an 80% chance of a 25 basis point hike from the BoE in May, but a further 25 basis point hike in June remains at 50%.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term momentum is oscillating downward in a stepwise manner, and the short-term decline may continue. The market as a whole is in a continuous downward trend. The MACD indicator is hovering below the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;
Resistance levels: 161.229 161.594
Support levels: 160.358 160.046
Trading strategy: bearish below 160.852, target 160.358 160.046
Alternative strategy: call above 160.852, target 161.229 161.594
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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