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GBPJPY: Bulls gain ground
2023-04-25
820
Fundamental analysis:
GBP/JPY remained volatile around 167.593. The Bank of England's forecast will be updated in May, but its latest forecast shows that inflation will fall rapidly in the current quarter, approaching 4% by the end of the year, and eventually fall a considerable distance below the 2% target.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum continues to fluctuate and rise, and the short-term bullish sentiment is shrouded, and it is about to break through the previous high node. The MACD indicator is in the bullish area and continues to rise, and the RSI indicator is hovering above the 50 balance line;
Resistance levels: 167.879 168.211
Support levels: 167.149 166.798
Trading strategy: Bullish above 167.451, target 167.879 168.211
Alternative strategy: bearish below 167.461, target 167.149 166.798
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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