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GBPJPY: Falling highs

2023-03-01
914
Fundamental analysis:

GBP/JPY remained volatile around 163.796. The market believes that the possibility of the Bank of England raising interest rates by 25 basis points in March is 97%. It is expected that the interest rate will peak at 4.75% in August and is currently 4.00%.

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 momentum has fallen sharply, the market’s short-term sentiment remains, and the short-term decline may continue. The MACD indicator is in the bullish zone and moves down from the high level, and the RSI indicator is in the bullish zone and moves down rapidly to near the 50 balance line for consolidation;

Long-short turning point: 164.073

Suppression: 164.653, 165.141
Support: 163.288, 162.821

Trading strategy: bearish below 164.073, target 163.288, 162.821
Alternative strategy: Bullish above 164.073, target 164.653, 165.141

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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