Japan's imports hit a record high in April

Fundamental analysis:

The dollar remained volatile around 127.766 against the yen. Japanese finance ministry officials said that Japan's imports hit a record high in April. Japan's record imports were driven by soaring commodity prices and a wave of global inflation. In March, Japan's overseas machinery orders fell 14.2% month on month, the largest decline since March 2021.

USD JPY - 4-hour K-line chart shows:

Technical comments: the short power continued to fluctuate and descend near the off track of the brin belt index channel, and began to sort out after reaching the node near 127.016 at a low level. The short-term short power continued to move downward, the brin belt index showed an open mouth trend, the situation was good, the MACD index was under the 0 axis, the short area maintained a continuous fluctuation and downward, and the RSI index was under the 50 equilibrium line and maintained a weak consolidation;

Long short turning point: 127.959

Pressing bit: 128.483, 128.910

Support position: 127.234, 126.807

Trading strategy: bearish below 127.959, target 127.234, 126.807

Alternative strategy: bullish above 127.959, target 128.483, 128.910

The above analysis is a personal point of view and is for reference only.