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GBPJPY: move up high
2023-01-27
950
Fundamental analysis:
GBP/JPY remained volatile around 161.687, with January's CBI data report pointing to a poor start to 2023. The reported retail sales margin recorded -23, the largest drop since April 2022. Sales are expected to decline at a more moderate pace in February, but a sharp slowdown in supplier orders means the industry is bracing for a first-quarter slump as inflation dampens consumer demand and dents profit margins.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bullish momentum keeps oscillating and moving up, the market is shrouded in bullish sentiment, and the short-term bullish momentum shows signs of continuing to move upward, and it is about to break through the previous high node. Weak wandering;
Long-short turning point: 161.509
Suppression: 162.012, 162.308
Support: 161.171, 160.756
Trading strategy: Bullish above 161.509, target 162.012, 162.308
Alternative strategy: bearish below 161.509, target 161.171, 160.756
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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