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GBPJPY: shock down
2023-05-05
904
Fundamental analysis:
GBP/JPY remained volatile around 168.784, with strong growth in the services sector suggesting the UK economy started the second quarter of 2023 on a positive note. While manufacturing output fell again in April, overall private-sector output rose at the fastest pace in a year
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains volatile and downward, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is weakly hovering below the 50 balance line;
Resistance levels: 169.482 169.919
Support levels: 168.364 167.965
Trading strategy: bearish below 169.071, target 168.364 167.965
Alternative strategy: call above 169.071, target 169.482 169.919
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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