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GBPJPY: Bulls gain ground
2023-03-28
850
Fundamental analysis:
GBP/JPY remained oscillating around 161.615. The difference in UK March CBI retail sales was 1, expected -6, and the previous value was 2. The CBI retail sales expectations index in the UK recorded 9 in March, the first positive expectation since September last year.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level bulls have a strong momentum to rise and fluctuate, short-term bullish sentiment is shrouded, the market bulls continue to climb, the MACD indicator is in the short area and moves up, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Resistance levels: 161.976 162.360
Support levels: 161.061 160.654
Trading strategy: Bullish above 161.456, target 161.976 162.360
Alternative strategy: bearish below 161.456, target 161.061 160.654
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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