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GBPJPY: Bears move down
2023-02-03
995
Fundamental analysis:
GBP/JPY remained volatile around 157.487, and the Bank of England raised its benchmark interest rate by 0.5 percentage points to 4%. The move was in line with expectations from financial markets and economists, taking interest rates to their highest level since 2008.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market is shrouded in bearish sentiment, the short-term short-term momentum continues to move downward, and there is no sign of stopping, the MACD indicator is in the bearish zone and slowly descending, and the RSI indicator is in the bearish zone.
Long-short turning point: 157.680
Suppression: 157.990, 158.353
Support: 157.110, 156.789
Trading strategy: bearish below 157.680, target 157.110, 156.789
Alternative strategy: Bullish above 157.680, target 157.990, 158.353
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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