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GBPJPY: Bulls gain ground

2023-02-14
1079
Fundamental analysis:

GBP/JPY remained oscillating around 160.539, with British employers expecting the biggest pay rises for staff in at least 11 years, but a 5 percent pay deal would still fall well behind expected inflation.

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



Brief technical analysis:

Looking at the 4-hour chart: the bulls are rapidly rising, the short-term highs are blocked and the shocks are retreating, the upward trend is good, the market is still bullish, the MACD indicator is in the bullish zone and is slowly rising, and the RSI indicator is in the bullish zone.

Long-short turning point: 160.374

Suppression: 160.881, 161.158
Support: 160.069, 159.744

Trading strategy: Bullish above 160.374, target 160.881, 161.158
Alternative strategy: bearish below 160.374, target 160.069, 159.744

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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