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USDJPY: bearish shock down
2022-10-26
1085
Fundamental analysis:
The dollar remained volatile against the yen at 147.891. The Bank of Japan is expected to raise its inflation forecast on Friday, but keep the ultra-low interest rate unchanged to show its determination to support the fragile economy, even at the cost of accelerating the decline of the yen, which has been hitting a new 32 year low in recent days.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that after the short-term narrow range consolidation, the short sellers' power once again entered the market and fell. The market short sellers' sentiment was shrouded. The MACD index was at the bottom of the 0 axis and the RSI index was at the bottom of the 50 equilibrium line;
Empty turning point: 148.050
Pressing: 148.596, 149.128
Support: 147.385, 146.933
Trading strategy: bearish at 148.050, target 147.385, 146.933
Alternative strategy: bullish above 148.050, target 148.596, 149.128
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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