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GBPJPY: Bears move down

2023-01-04
597
Fundamental analysis:
With GBP/JPY hovering around 156.733, the government will have to navigate between varying degrees of austerity - choosing between the anger of voters and strikers and the anger of bond duty defenders. With the prospect of a rate hike from the Bank of England dimming, Brexit concerns linger.

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



Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains volatile and downward, the short-term decline may continue, the low is supported in the short term, but the downward trend remains, the MACD indicator is in the short-term low-level consolidation, and the RSI indicator is in the short-term low-level shock;
Long-short turning point: 157.132
Suppression: 158.045, 158.832
Support: 155.964, 155.203
Trading strategy: bearish below 157.132, target 155.964, 155.203
Alternative strategy: Bullish above 157.132, target 158.045, 158.832

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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