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USDJPY: Bears fall
2023-08-30
775
Fundamental analysis:
The dollar was trading around 146.863 yen, with Japan's 25-year war against deflation possibly at a turning point as rising prices and wages showed signs of widening. This shows that the government is convinced that the Japanese economy is nearing the end of secular stagnation.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen sharply at a high level, and the short-term decline may continue. The overall bearish sentiment in the market is shrouded, the MACD indicator is in the bullish area and moves down, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 146.226 146.474
Support levels: 145.622 145.411
Trading strategy: bearish below 145.979, target 145.622 145.411
Alternative strategy: Bullish above 145.979, target 146.226 146.474
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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