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GBPJPY: The shock moves down
2023-03-19
933
Fundamental analysis:
GBP/JPY remained oscillating around 160.572, as the overall gist of the Chancellor's 2023 budget to parliament mentioned that the UK economy will not fall into recession in 2023 and inflation will fall sharply as more people are encouraged to return to work , employers can look forward to a boost in productivity.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward, the short-term decline may continue, the market is shrouded in bearish sentiment, the MACD indicator is in the bearish area to maintain consolidation, and the RSI indicator is hovering below the 50 balance line;
Resistance levels: 161.189 161.556
Support levels: 160.200 159.870
Trading strategy: bearish below 160.823, target 160.200 159.870
Alternative strategy: call above 160.823, target 161.189 161.556
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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