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GBPJPY: up higher

2023-02-28
913
Fundamental analysis:

GBP/JPY remained volatile around 164.281, with investors expecting the Bank of England to raise interest rates by 27 basis points at its March meeting, compared with a 20 basis point hike at the previous meeting, meaning investors now see a rate hike in March 50 bps is very unlikely.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level bullish momentum is strong, the market bullish sentiment emerges, the market as a whole is in a bullish mood, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone and continues to rise;

Long-short turning point: 164.073

Suppression: 164.653, 164.960
Support: 163.687, 163.288

Trading strategy: Bullish above 164.073, target 164.653, 164.960
Alternative strategy: bearish below 164.073, target 163.687, 163.288

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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