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GBPJPY: shock up

Fundamental analysis:

GBP/JPY remained volatile around 170.501 as some banks began pushing up home loan prices again in anticipation of another rate hike from the Bank of England this week. This will put pressure on families already struggling with tight living costs and create new headaches for Sunak.

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

Brief technical analysis:

Looking at the 4-hour chart: short-term fluctuations within a narrow range, bullish momentum shows signs of slow entry, market bullishness begins to emerge, the MACD indicator is on the side of the 0 axis, and the RSI indicator is hovering weakly on the side of the 50 balance line;

Resistance levels: 170.893 171.279

Support levels: 169.863 169.489

Trading strategy: Bullish above 170.288, target 170.893 171.279
Alternative strategy: bearish below 170.288, target 169.863 169.489

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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