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GBPJPY: Bulls gain ground
2022-12-13
1274
Fundamental analysis:
GBP/JPY remained volatile around 168.920. The British economy grew by 0.5% in October compared to September. The UK economy may already be in recession, which could last until the end of 2023. While headline data looks okay this time around, the risk of recession in the UK has increased significantly going into the new year.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the bulls’ momentum is rising at a high level, the short-term bullish trend is good, the bulls are rising, the MACD indicator is at a high level in the bullish zone, and the RSI indicator is in the bullish zone.
Long-short turning point: 168.743
Suppression: 169.215, 169.460
Support: 168.429, 168.078
Trading strategy: Bullish above 168.743, target 169.215, 169.460
Alternative strategy: bearish below 168.743, target 168.429, 168.078
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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