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GBPJPY: high retracement
2023-04-21
851
Fundamental analysis:
Sterling remained volatile against the yen at around 167.014. British wages and inflation rose faster than expected last month. The inflation rate exceeded 10%, the highest in Western Europe. Morgan Stanley now expects the Bank of England to raise interest rates by 25 basis points in May, and believes that such a move is "clearly possible".
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, the market’s short-sell sentiment is down, and there will be continued shocks and downturns in the short term. The MACD indicator is in the bullish area, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance levels: 157.490 167.753
Support levels: 166.720 166.428
Trading strategy: bearish below 167.168, target 166.720 166.428
Alternative strategy: call above 167.168, target 157.490 167.753
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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