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GBPJPY: high upside
2023-06-02
783
Fundamental analysis:
GBP/JPY remained volatile around 170.803. The impact of rising prices and tightening financing conditions will continue to affect the entire economy. The UK economy is expected to shrink by 0.1% in 2023. The UK is the only advanced economy in the G20 that Moody's expects to slip into recession this year.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart shows that the momentum of the high-level bulls remains volatile and upward, and the short-term bullish sentiment is shrouded. The bulls in the market are constantly moving upwards. The MACD indicator is in the bullish zone to maintain consolidation, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 174.071 174.304
Support levels: 171.396 173.118
Trading strategy: Bullish above 173.666, target 174.071 174.304
Alternative strategy: bearish below 173.666, target 171.396 173.118
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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