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GBPJPY: Bulls pull up

2023-03-17
888
Fundamental analysis:

GBP/JPY remained volatile around 161.923 as the Office for Budget Responsibility (OBR) said the UK would avoid a technical recession and employers could expect a boost in productivity as more people were encouraged to return to work.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum has fluctuated and pulled up in the previous life, short-term bullish sentiment has emerged, the bulls in the market are constantly oscillating and moving upwards, the MACD indicator is in the bearish area and slowly rising, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance levels: 162.377 162.856

Support levels: 161.193 160.756

Trading strategy: Bullish above 161.658, target 162.377 162.856
Alternative strategy: bearish below 161.658, target 161.193 160.756

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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