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GBPJPY: The shock moves up
2023-04-27
819
Fundamental analysis:
GBP/JPY remained volatile around 166.654, with money market rates showing traders saw a 99 percent chance the Bank of England would raise interest rates by 25 basis points to 4.5 percent in May. Further out, they now expect a peak of 4.9% by November of this year. That compares with expectations for a peak of 4.5% in August just a month ago.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish dynamics are oscillating upwards, the market is still bullish, and there are signs of continued upward movement in the short term. The MACD indicator is hovering below the 0 axis, and the RSI indicator is in a weak order near the 50 balance line;
Resistance levels: 166.932 167.199
Support levels: 166.251 165.974
Trading strategy: Bullish above 166.518, target 166.932 167.199
Alternative strategy: bearish below 166.518, target 166.251 165.974
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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