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GBPJPY: down the ladder

Fundamental analysis:

GBP/JPY remained volatile around 163.674 as expectations for UK interest rates shifted as inflation remained high in double digits and the labor market appeared to be strong. Markets expect UK rates to peak at around 4.8% by the end of the year, up from 4.0% now.

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

Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term dynamics fluctuated downward in a stepwise manner, and the short-term decline may continue. The MACD indicator is in the short-selling area and slowly moves downward, and the RSI indicator is in a weak order near the 50 balance line;

Long-short turning point: 163.902

Suppression: 164.353, 164.804
Support: 163.288, 162.821

Trading strategy: bearish below 163.902, target 163.288, 162.821
Alternative strategy: Bullish above 163.902, target 164.353, 164.804

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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