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GBPJPY: continued decline
2023-03-26
842
Fundamental analysis:
GBP/JPY remained volatile around 159.827. Retail sales in the UK are expected to rise by 1.2% in February 2023 following a 0.5% increase in January 2023, but compared with the same month last year, sales fell by 3.5%. Domestic non-food store sales rose 2.4% in the month, driven by strong sales at department stores. Grocery store sales rose 0.9% in February 2023, with some evidence that restaurant and takeaway spending declined due to cost-of-living pressures.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum maintains shocks and continues to fall, the short-term decline may continue, the market as a whole is in a weak position and moves down, the MACD indicator is in the short area and moves down, and the RSI indicator is in a weak position below the 50 balance line;
Resistance levels: 160.292 160.597
Support levels: 159.456 159.106
Trading strategy: bearish below 159.976, target 159.456 159.106
Alternative strategy: call above 159.976, target 160.292 160.597
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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