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GBPJPY: range bound
2022-12-27
1096
Fundamental analysis:
GBP/JPY remained volatile around 159.922, and JPY/GBP is set to rise as the Bank of Japan's policy adjustments this week will help correct the yen's weakness. Weak UK economic data and the need for the Bank of England to tighten monetary policy is a poor combination for the pound. Markets are closed on Monday for Christmas.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: low short-term fluctuations within a narrow range, bulls have signs of waiting for an opportunity to enter the market, but are still in a weak position, the MACD indicator is in the short zone and moves up slowly, and the RSI indicator is in the short zone and fluctuates upward;
Long-short turning point: 159.594
Suppression: 160.582, 161.195
Support: 159.002, 158.441
Trading strategy: Bullish above 159.594, target 160.582, 161.195
Alternative strategy: bearish below 159.594, target 159.002, 158.441
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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