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GBPJPY: Falling highs
2023-03-23
886
Fundamental analysis:
GBP/JPY remained volatile around 161.139, the UK CPI rose after three straight months of declines, expectations of moderating inflation and two weeks of instability in financial markets meant the Bank of England had been expected to meet Thursday's meeting. A rate hike was suspended at the meeting.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short momentum has fallen rapidly, the market is shrouded in short-term sentiment, the short-term decline may continue, the market as a whole is in a downward trend of short positions, the MACD indicator is in the bullish area and fluctuates downward, and the RSI indicator is hovering below the 50 balance line ;
Resistance levels: 161.713 162.057
Support levels: 160.842 160.476
Trading strategy: bearish below 161.336, target 160.842 160.476
Alternative strategy: call above 161.336, target 161.713 162.057
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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