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USDJPY: bear shock retreat
2022-11-02
1141
Fundamental analysis:
The US dollar remained volatile against the Japanese yen at 148.227. The Japanese authorities were unable to control the yen exchange rate through foreign exchange intervention, but there were many tools available to calm market fluctuations caused by speculators. Since September, Japan has been buying yen for intervention to prevent the decline of its currency caused by the difference between the US and Japan's monetary policies from further expanding.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the short sellers' momentum remains volatile and retreats. In the short term, it may maintain the downward trend of consolidation. The MACD indicator hovers on the top of the 0 axis, and the RSI indicator is in the 50 balanced online weak consolidation;
Empty turning point: 148.468
Pressing: 148.949, 149.454
Support: 147.758, 147.241
Trading strategy: bearish at 148.468, target 147.758, 147.241
Alternative strategy: bullish on 148.468, target 148.949, 149.454
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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