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GBPJPY: shock down
2023-02-08
1063
Fundamental analysis:
GBP/JPY remained volatile around 157.828. The chief economist of the Bank of England Peel: The intensity of interest rate hikes in the UK may not be as great as before. Excessive action in monetary policy must be avoided, and the central bank's next move may still be to raise interest rates again.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics remain volatile and downward, the short-term decline may continue, the market's bearish sentiment is slowly emerging, the MACD indicator is hovering weakly below the 50 balance line, and the RSI indicator is weakly finishing below the 50 balance line;
Long-short turning point: 157.967
Suppression: 158.307, 158.627
Support: 157.540, 157.269
Trading strategy: bearish below 157.967, target 157.540, 157.269
Alternative strategy: Bullish above 157.967, target 158.307, 158.627
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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