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GBPJPY: high retracement
2023-01-30
1048
Fundamental analysis:
GBP/JPY remained volatile around 160.981 as British Chancellor Hunt angered his local government by promising to tackle the country's weak productivity with post-Brexit fiscal reforms to boost economic growth, but he would also insist on tax hikes. Some MPs from the Conservative Party.
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 maintain shocks and retreats, and the short-term decline may continue. The top failed to break through the previous high-level node. The MACD indicator is weakly finishing on the upper side of the 0 axis, and the RSI indicator is weakly hovering near the 50 balance line;
Long-short turning point: 161.182
Suppression: 161.618, 161.957
Support: 160.625, 160.286
Trading strategy: bearish below 161.182, target 160.625, 160.286
Alternative strategy: Bullish above 161.182, target 161.618, 161.957
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