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GBPJPY: Bulls move up
2023-02-10
1009
Fundamental analysis:
GBP/JPY remained volatile around 159.431, with UK gross domestic product (GDP) growth set to remain near zero, which would be an improvement from the more pronounced contraction recently forecast by the IMF and the Bank of England.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and rising, short-term bullish sentiment emerges, the market bullish momentum remains volatile and moving upward, the MACD indicator is weakly finishing near the 0 axis, and the RSI indicator is hovering weakly above the 50 balance line;
Long-short turning point: 159.271
Suppression: 159.705, 159.966
Support: 158.982, 158.644
Trading strategy: Bullish above 159.271, target 159.705, 159.966
Alternative strategy: bearish below 159.271, target 158.982, 158.644
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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