CM Trade

Download APP to receive bonus

GET

GBPJPY: low position down

2023-01-16
547
Fundamental analysis:
GBP/JPY remained volatile around 156.430, as the UK's economic growth reduced the risk of a recession. The Bank of England predicts that the recession in the UK economy will last until 2024.

British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in bearish sentiment. The low-level short-term shocks have rebounded after moving down, but they are still in the low-level weak shocks. The MACD indicator is in the short-term area and the low-level consolidation moves down, and the RSI indicator is in the short-term area. Low-level shocks;
Long-short turning point: 156.643

Suppression: 157.138, 157.633
Support: 156.013, 155.531

Trading strategy: bearish below 156.643, target 156.013, 155.531
Alternative strategy: Bullish above 156.643, target 157.138, 157.633

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More