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GBPJPY: shock down

Fundamental analysis:

GBP/JPY remained volatile around 169.208. The market expects the Bank of England to raise interest rates twice in May and June, each by 25 basis points. The extent of the impact of policy tightening on the UK economy implies a mild recession later this year and weak growth in 2024, but recent stronger-than-expected inflation data will force the Bank of England to continue raising interest rates in the short term.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate and continue to decline, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is in the bullish area and moves downward, and the RSI indicator is hovering below the 50 balance line;

Resistance levels: 169.919 170.305

Support levels: 168.736 168.364

Trading strategy: bearish below 169.469, target 168.736 168.364
Alternative strategy: call above 169.469, target 169.919 170.305

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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