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GBPJPY: low order
2023-03-16
890
Fundamental analysis:
GBP/JPY remained volatile around 160.775, as market turmoil following the collapse of a Silicon Valley bank led to dramatic changes in the market's pricing of the central bank's interest rate outlook over the past few sessions. The Bank of England is looking to rein in inflation, another factor being considered at next week's rate meeting.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen rapidly, and the short-term lows are weak and volatile. The MACD indicator is in the short-term area and continues to move down, and the RSI indicator is hovering in the short-term area below the 60 balance line;
Resistance levels: 161.496 161.973
Support levels: 160.321 159.934
Trading strategy: bearish below 161.018, target 160.321 159.934
Alternative strategy: call above 161.018, target 161.496 161.973
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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