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GBPJPY: The shock moves up
2023-05-14
836
Fundamental analysis:
GBP/JPY remained volatile around 168.897, with traders expecting Bank of England interest rates to peak at 4.95 percent in September. Bank of England Governor Bailey: We must remain unwavering in continuing to raise interest rates. If inflation persists, more austerity measures will be required.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the short-term bullish power maintenance position fluctuates upwards, the market bullish sentiment gradually emerges, and there are signs of continued upward movement in the short term, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is in the bearish area and moves up to the 50 balance line side wandering;
Resistance levels: 169.212 169.598
Support levels: 168.351 168.017
Trading strategy: Bullish above 168.711, target 169.212 169.598
Alternative strategy: bearish below 168.711, target 168.351 168.017
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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