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GBPJPY: Narrow finishing

2023-01-10
554
Fundamental analysis:
GBP/JPY remained volatile around 160.792, with the lackluster performance of the UK services sector at the end of 2022, with new orders falling in December and a hiring freeze underscoring the possibility that the UK is already in recession. And since December 2021, the Bank of England has raised interest rates nine times in an attempt to reduce inflation, which is still near a 41-year high, and it is still a question mark whether the Bank of England can continue to raise interest rates aggressively.

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



Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum of the market maintains a narrow range and slowly moves upward, the short-term bullish sentiment remains, the MACD indicator is in a narrow range in the bullish zone, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Long-short turning point: 160.487
Suppression: 161.497, 162.249
Support: 159.735, 159.004
Trading strategy: Bullish above 160.487, target 161.497, 162.249
Alternative strategy: bearish below 160.487, target 159.735, 159.004

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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