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GBPJPY: high order
2023-01-11
997
Fundamental analysis:
GBP/JPY remained volatile around 160.654. The Bank of England's chief economist Peel said that the UK faces the risk of persistent inflationary pressures, which means that further interest rate hikes may be required. That suggested a hawkish stance despite speculation that the Bank of England may be nearing the end of its tightening policy as the economy struggles.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level long-term dynamics maintain shocks and move upwards, and the short-term weakness is in a narrow range. The market’s bullish momentum begins to weaken. The MACD indicator is in the long-term area.
Long-short turning point: 160.487
Suppression: 161.497, 162.249
Support: 159.735, 159.004
Trading strategy: Bullish above 160.487, target 161.497, 162.249
Alternative strategy: bearish below 160.487, target 159.735, 159.004
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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