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GBPJPY: high volatility
2023-04-16
868
Fundamental analysis:
GBP/JPY remained volatile around 166.095. Inflation in the UK rose from 10.1% to 10.4% in February, which greatly reversed the earlier decline. The market is worried that the Bank of England may turn dovish. The market expects to raise interest rates by 48 basis points this year .
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the high short-term shocks and retracements, the market's short-term sentiment began to emerge slowly, there are signs of continued retracement and downward trend in the short term, the MACD index is in the bullish area and moves down after a weak move, and the RSI index is hovering above the 50 balance line;
Resistance levels: 166.348 166.682
Support levels: 165.511 165.132
Trading strategy: Bullish above 165.862, target 166.348 166.682
Alternative strategy: bearish below 165.862, target 165.511 165.132
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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