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GBPJPY: Bulls gain ground
2023-04-28
812
Fundamental analysis:
GBP/JPY remained volatile around 167.230 as the U.K. Debt Authority offered 4.5 billion pounds of notes due 2045, with coupons linked to the retail price index. A record 46 billion pounds ($57 billion) was subscribed for the bonds, as investors seized the opportunity to buy government bonds as a hedge against rising inflation.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum maintains shocks and moves upward, short-term bullish sentiment emerges, the bullish trend in the market continues, the MACD indicator is hovering above the 0 axis, and the RSI indicator is weakly finishing above the 50 balance line;
Resistance levels: 167.417 167.609
Support levels: 166.912 166.695
Trading strategy: Bullish above 167.117, target 167.417 167.609
Alternative strategy: bearish below 167.117, target 166.912 166.695
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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