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GBPJPY: Bears plunge

Fundamental analysis:

GBP/JPY remained volatile around 162.167. The UK economy grew by 0.3% in the first month of 2023, but manufacturing output fell by 0.4% and construction fell by 1.7%, suggesting that high inflation and high interest rates caused some potential weakness.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen sharply, and the short-term decline has continued downward. The MACD indicator is hovering below the 50 balance line, and the RSI indicator is finishing below the 50 balance line;

Resistance levels: 162.603 162.904

Support levels: 161.873 161.572

Trading strategy: bearish below 162.302, target 161.873 161.572
Alternative strategy: bullish above 162.320, target 162.603 162.904

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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