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GBPJPY: Bulls move up
2023-02-09
1087
Fundamental analysis:
GBP/JPY remained volatile around 158.615 as investors now awaited more comments from the Bank of England, as well as Friday's preliminary reading on UK fourth-quarter gross domestic product (GDP), which could provide clues to the central bank's next move.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls keeps oscillating and moving upwards, the short-term bullish sentiment remains, the bulls in the market are constantly moving upwards, the MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Long-short turning point: 158.452
Suppression: 158.947, 158.247
Support: 158.132, 157.831
Trading strategy: Bullish above 158.452, target 158.947, 158.247
Alternative strategy: bearish below 158.452, target 158.132, 157.831
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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