CM Trade

Download APP to receive bonus

GET

USDJPY: Bears on the downside

2023-02-02
963
Fundamental analysis:

USD/JPY remained volatile around 129.066 as the Bank of Japan decided to widen the range set around its 10-year government bond yield target, fueling market expectations that it will raise interest rates in the near future and forcing the Bank of Japan to step up bond purchases to defend The new 0.5% cap on 10-year Treasury yields.

US dollar yen USDJPY - 4-hour K-line chart shows:



Brief technical analysis:

The 4-hour chart: After the short-term high level adjustment, the short-term momentum fell sharply, the market was shrouded in bearish sentiment, and there was a trend of continuous downward movement in the short-term, the MACD index was at the 0 axis and the RSI index was below the 50 balance line.

Long-short turning point: 129.184

Suppression: 129.477, 129.730
Support: 128.764, 128.502

Trading strategy: bearish below 129.184, target 128.764, 128.502
Alternative strategy: Bullish above 129.184, target 129.477, 129.730

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More