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GBPJPY: Bulls gain ground

2023-01-05
593
Fundamental analysis:
GBP/JPY remained volatile around 159.917. The advantage of GBP over JPY has been weakening. Since the Bank of Japan adjusted its policy, the spread between 10-year UK and Japanese government bond yields has narrowed by about 10 basis points. Barring exceptional circumstances, the pound will not outperform the yen this year. GBP/JPY has room to fall to 120, JPY will rise against almost all currencies.

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



Brief technical analysis:
Looking at the 4-hour chart: The bullish momentum is strong and rising, short-term bullish sentiment emerges, the market bulls continue to climb, the MACD indicator is in the short area and the RSI indicator is in the upper side of the 50 balance line.
Long-short turning point: 159.569
Suppression: 160.790, 161.637
Support: 158.822, 158.000
Trading strategy: Bullish above 159.569, target 160.790, 161.637
Alternative strategy: bearish below 159.569, target 158.822, 158.000

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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