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GBPJPY: high position down

Fundamental analysis:

GBP/JPY remained volatile around 160.533 as private sector performance in the UK was second-rate in January with the biggest fall in output since January 2021, but some bright spots in inflation and optimism offset the pessimism data. Manufacturing took another hit, falling further to 46.6, dragged down by falling customer orders, but a poor performance in the services sector was the main cause.

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 and retreated downward, and the market was shrouded in bearish sentiment. In the short term, there were signs of continued shock and downward movement. The MACD indicator was in a weak consolidation in the bullish area, and the RSI indicator was hovering around the 50 balance line;

Long-short turning point: 160.688

Suppression: 161.060, 161.458
Support: 160.174, 159.780

Trading strategy: bearish below 160.688, target 160.174, 159.780
Alternative strategy: Bullish above 160.688, target 161.060, 161.458

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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