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GBPJPY: weak shock

Fundamental analysis:

GBP/JPY remained volatile around 162.639, with the market expecting the Bank of England to end its rate hike cycle in March, even though the UK faces inflation levels similar to those in the euro zone and the US.

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

Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in bearish sentiment, and there are signs of continued narrow-range shocks in the short term. The MACD indicator is in the short-term area to maintain consolidation, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance levels: 162.927 163.258

Support levels: 162.199 161.934

Trading strategy: Bullish above 162.503, target 162.927 163.258
Alternative strategy: bearish below 162.503, target 162.199 161.934

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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