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GBPJPY: Bulls move up

Fundamental analysis:

GBP/JPY remained volatile around 156.668, and the implied volatility reflected the actual volatility risk in the foreign exchange market. The implied volatility of the US dollar, euro, and British pound related to the yen was at the high point when the epidemic broke out in 2020.

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

Brief technical analysis:

The 4-hour chart: After the short momentum fluctuated rapidly and fell, the low position was supported and the shock moved up, and the short-term bullish sentiment began to emerge slowly. The MACD indicator was in the short zone, and the RSI indicator was hovering in the short zone;

Long-short turning point: 156.525

Suppression: 157.108, 157.475
Support: 156.132, 155.753

Trading strategy: Bullish above 156.525, target 157.108, 157.475
Alternative strategy: bearish below 156.525, target 156.132, 155.753

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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