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GBPJPY: range bound

Fundamental analysis:
GBP/JPY remained volatile around 160.518. The British government's austerity measures will not harm economic growth in the short term. Much of the economic pain has been postponed until after the next general election. But these measures also won't help the economy much in the short term. By the end of 2023, the unemployment rate in the UK will rise from the current 3.6% to around 5%, resulting in about 200,000 job losses.

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

Brief technical analysis:
Looking at the 4-hour chart: the low position maintains a narrow range and moves slowly upward, the short-term bullish momentum has signs of waiting for an opportunity to enter the market, the MACD indicator is in the short area and moves up, and the RSI indicator is hovering weakly below the 50 balance line;
Long-short turning point: 150.187
Suppression: 161.195, 161.768
Support: 159.535, 159.002
Trading strategy: Bullish above 150.187, target 161.195, 161.768
Alternative strategy: bearish below 150.187, target 159.535, 159.002

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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