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GBPJPY: high position down
2023-02-02
1061
Fundamental analysis:
Sterling remained volatile against the yen at around 159.608, with data from the British Retail Consortium (BRC) showing that store prices in Britain rose 8% year-on-year in January, the biggest annual increase since records began in 2006. All major categories of goods inflation monitored by the British Retail Consortium hit record highs.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of high-level short positions continues to fluctuate downward, the short-term short-term downward trend remains, the market is shrouded in bearish sentiment, the MACD indicator is hovering below the 0 axis, and the RSI indicator is in the short-term area;
Long-short turning point: 159.780
Suppression: 160.124, 160.457
Support: 159.275, 158.942
Trading strategy: bearish below 159.780, target 159.275, 158.942
Alternative strategy: Bullish above 159.780, target 160.124, 160.457
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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