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GBPJPY: Bulls gain ground

Fundamental analysis:

GBP/JPY remained volatile around 170.513, with the UK economy performing better than expected, the labor market showing few signs of easing, and perhaps most importantly, inflation not falling as quickly as expected.

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

Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in bullish sentiment, the short-term bullish momentum continues to rise, and there is no sign of stopping in the short term, the MACD indicator is hovering above the 0 axis, and the RSI indicator is in the bullish zone to maintain consolidation;

Resistance levels: 170.881 171.233

Support levels: 169.954 169.579

Trading strategy: Bullish above 170.318, target 170.881 171.233
Alternative strategy: bearish below 170.318, target 169.954 169.579

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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