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GBPJPY: Bears fall

2023-03-08
947
Fundamental analysis:

GBP/JPY remained volatile around 162.244. British house prices rose by 1.1% month-on-month in February, exceeding the forecast of 0.3%, faster than the growth rates in January and December.

British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate and fall, the short-term decline may continue, the market as a whole is moving downward, the MACD indicator is in the bearish zone and continues to decline, and the RSI indicator is in the bearish zone to maintain consolidation;

Resistance levels: 162.778 163.105

Support levels: 161.934 161.618

Trading strategy: bearish below 162.398, target 161.934 161.618
Alternative strategy: Bullish above 162.398, target 162.778 163.105

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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