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USDJPY: bear moves down

2022-10-27
637
Fundamental analysis:

The dollar remained volatile against the yen at 146.236. When the Japanese government intervened in the foreign exchange market to support the yen, retail investors increased their bets on further weakening of the yen. The market speculated that the Japanese authorities intervened in the foreign exchange market again on Friday and Monday to help support the yen.


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




Technical analysis:


The 4-hour chart shows that the short market momentum continues to fluctuate downward, and the short-term decline may continue. The previous low is just around the corner, the MACD indicator is in the short market area and continues to decline, and the RSI indicator is in the weak side of the 50 equilibrium line;


Empty turning point: 146.405


Pressing: 146.886, 147.381


Support: 145.781, 145.273


Trading strategy: bearish at 146.405, target 145.781, 145.273


Alternative strategy: bullish above 146.405, target 146.886, 147.381

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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