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GBPJPY: up higher
2023-04-20
901
Fundamental analysis:
GBP/JPY remained volatile around 167.559, and UK CPI dropped from 10.4% in February to 10.1% in March. Economists had forecast that the CPI annual rate would fall to 9.8% in March, further away from the 41-year high of 11.1% in October last year, but this level will still affect the spending power of workers who have experienced smaller wage increases.
British Pound Japanese Yen GBPJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level bullish momentum remains volatile and rising, the short-term bullish sentiment remains, the market bulls continue to rise, MACD is in the bullish zone and continues to rise, and the RSI indicator is in the bullish zone and fluctuates within a narrow range;
Resistance levels: 167.889 168.201
Support levels: 167.108 166.796
Trading strategy: Bullish above 167.401, target 167.889 168.201
Alternative strategy: bearish below 167.401, target 167.108 166.796
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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