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GBPJPY: up higher
2023-05-23
854
Fundamental analysis:
GBP/JPY remained volatile around 172.354. The Bank of England may accelerate the pace of its quantitative tightening program in 2024, but will still start cutting interest rates in the second half of 2024.
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 maintained a wide range of shocks and then rose, short-term bullish sentiment emerged, the market bulls continued to move upwards, the MACD indicator remained in the bullish zone and the RSI indicator remained in the bullish zone and hovered;
Resistance levels: 172.599 173.819
Support levels: 171.938 171.674
Trading strategy: Bullish above 172.211, target 172.599 173.819
Alternative strategy: bearish below 172.211, target 171.938 171.674
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