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USDJPY: Bears move down
2023-05-11
841
Fundamental analysis:
USD/JPY remained volatile around 134.448. Bank of Japan Governor Kazuo Ueda: The Bank of Japan is buying ETFs in a flexible manner. We don't see a major problem with ETF buying at this time. It's too early to discuss how to sell the ETFs you already own. If the BOJ were to sell ETFs, they would likely be sold at market value. More time is needed to reach a stable price target.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics are oscillating downward, and the short-term decline may continue. The market as a whole is in a short-term downward trend. The MACD indicator is hovering around the 0 axis, and the RSI indicator is below the 50 balance line.
Resistance levels: 134.743 135.021
Support levels: 134.018 133.749
Trading strategy: bearish below 134.448, target 134.018 133.749
Alternative strategy: Bullish above 134.448, target 134.743 135.021
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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