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GBPJPY: Falling highs

Fundamental analysis:

GBP/JPY remained volatile around 170.233, with British manufacturing still in a slump at the beginning of the second quarter. Output and new orders contracted as manufacturers felt the impact of customer uncertainty, destocking and tighter cost controls. Market sentiment is subdued, with both domestic and export customers reluctant to sign new contracts.

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 is shrouded in short-term sentiment, and the short-term decline may continue. The market as a whole is in a short-term trend. The MACD indicator is in the long-term area to maintain shocks and moves downward, and the RSI indicator is hovering above the 50 balance line;

Resistance levels: 170.930 171.407

Support levels: 169.783 169.357

Trading strategy: bearish below 170.492, target 169.783 169.357
Alternative strategy: Bullish above 170.492, target 170.930 171.407

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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