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GBPJPY: V-shaped reversal
2023-04-23
981
Fundamental analysis:
GBP/JPY remained volatile around 166.815, and it is difficult to see much improvement in the coming months as high inflationary pressures still weigh on households. As the Bank of England comes under pressure to tighten policy further, the risk is that consumers will come under greater pressure and potentially a deeper recession later this year.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: The short-term dynamics fluctuated downwards and then quickly reversed and moved upwards, showing a V-shaped reverse pull-up trend. The market’s bullish sentiment is waiting for an opportunity to enter the market. The MACD indicator is hovering around the 0 axis, and the RSI indicator is weak near the 50 balance line. tidy;
Resistance levels: 167.100 167.383
Support levels: 166.428 166.156
Trading strategy: Bullish above 166.681, target 167.100 167.383
Alternative strategy: bearish below 166.681, target 166.428 166.156
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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