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GBPJPY: The shock moves up

2023-01-20
493
Fundamental analysis:

GBP/JPY remained volatile around 159.066. The Governor of the Bank of England, Bailey, said that the UK inflation rate is expected to decline sharply. Falling energy prices will reduce inflation, and the labor market is an upside risk to inflation. The UK recession is believed to be prolonged but shallow, and the decline in inflation in December signals that the situation has begun to improve.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum has moved up again, the short-term bullish sentiment has emerged again, the bullish momentum in the market continues to ferment, the MACD indicator is hovering on the upper side of the 0 axis, and the RSI indicator is in a weak order on the upper side of the 50 balance line;

Long-short turning point: 158.917

Suppression: 159.510, 159.961
Support: 158.466, 157.982

Trading strategy: Bullish above 158.917, target 159.510, 159.961
Alternative strategy: bearish below 158.917, target 158.466, 157.982

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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