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GBPJPY: wide range shock
2023-05-25
763
Fundamental analysis:
GBP/JPY remained volatile around 172.436. The British Office for National Statistics announced that the overall CPI rose by 8.7% year-on-year in March, which was lower than the 10.1% in March, but higher than the consensus estimate of 8.2% by economists.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high position maintains range shocks and shifts in the short term. During this period, it repeatedly probes the upper and lower rail interval nodes. The market is still bullish. The MACD indicator is in the bullish area and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 172.665 172.985
Support levels: 171.976 171.674
Trading strategy: Bullish above 172.260, target 172.665 172.985
Alternative strategy: bearish below 172.260, target 171.976 171.674
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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