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GBPJPY: shock up

Fundamental analysis:

GBP/JPY remained volatile around 161.576, with UK retail sales at a seasonally adjusted monthly rate of 0.5% in 2023 and a 1.2% drop in December 2022; sales were 1.4% lower than in February 2020 before the outbreak of the new crown. Sales at non-bricks and mortar retail (mainly online retailers) rose 2.0%, with some feedback suggesting sales promotions in January underpinned the growth.

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

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum moves up in high volatility, the short-term bullish sentiment continues, the market bulls pull up, the MACD is in the bullish zone, and the RSI indicator is hovering above the 50 balance line;

Long-short turning point: 161.415

Suppression: 161.860, 162.150
Support: 161.104, 160.794

Trading strategy: Bullish above 161.415, target 161.860, 162.150
Alternative strategy: bearish below 161.415, target 161.104, 160.794

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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