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USDJPY: Bears fall sharply
2023-07-28
832
Fundamental analysis:
The dollar remained volatile against the yen near 139.460, and the Bank of Japan is likely to keep policy unchanged on Friday, but may adjust its inflation outlook, as many investment banks expect. The Japanese and global economies continue to face considerable risks, which should ensure that BoJ policy remains ultra-loose indefinitely.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: short-term momentum has fallen sharply, short-term short-term sentiment is shrouded, the market as a whole is constantly moving downward, the MACD indicator is hovering weakly below the 0 axis, and the RSI indicator is weakly finishing below the 50 balance line;
Resistance levels: 140.016 140.416
Support levels: 139.112 138.774
Trading strategy: bearish below 139.626, target 139.112 138.774
Alternative strategy: Bullish above 139.626, target 140.016 140.416
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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