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GBPJPY: high volatility
2023-05-21
888
Fundamental analysis:
GBP/JPY remained volatile near 171.889. British Chancellor of the Exchequer Jeremy Hunt proposed 500 million pounds of government subsidies to India's Tata Group's Jaguar Land Rover, hoping that the latter would build an electric car battery super factory in the UK instead of Spain. The British government's proposed support package includes cash grants, cuts to energy costs and payments to upgrade the electricity network around Jaguar Land Rover's factory complex.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high level maintains a wide range of shocks in the short term, the market as a whole is in a bullish trend, the short-term bullish sentiment remains, the MACD indicator is in the bullish area, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 172.184 172.453
Support levels: 171.542 171.321
Trading strategy: Bullish above 171.828, target 172.184 172.453
Alternative strategy: bearish below 171.828, target 171.542 171.321
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