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USDJPY: Bears tumble sharply
2023-07-09
741
Fundamental analysis:
The U.S. dollar against the yen remained volatile around 142.121. The May monthly labor statistics survey (initial value, units with more than 5 employees) released by the Ministry of Health, Labor and Welfare of Japan on the 7th showed that the actual wages, which took into account price changes, decreased by 1.2% compared with the same period last year. %. Although the decline was the smallest since January this year, it has fallen for 14 consecutive months.
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, and the short-term decline may continue. In the overall bearish trend of the market, the MACD indicator is in the short-term area and the RSI indicator is in the short-term area.
Resistance levels: 142.484 142.706
Support levels: 141.896 141.681
Trading strategy: bearish below 142.228, target 141.896 141.681
Alternative strategy: Bullish above 142.228, target 142.484 142.706
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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