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USDJPY: Bulls keep rising
2022-10-21
1145
Fundamental analysis:
The dollar remained volatile against the yen at 150.114. The devaluation of the yen aggravated the already high fuel import cost. In September, the import volume increased by more than 40% for the fifth consecutive month, a record high. The continued deficit will worsen Japan's terms of trade, lead to the transfer of domestic income overseas, and weaken Japan's purchasing power.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum has maintained a good upward trend of shock, the short-term bullish sentiment remains unchanged, and there is no sign of stopping. The MACD index hovers at a high level in the bulls' area, and the RSI index is in the 80 overbought area;
Empty turning point: 149.930
Pressing: 150.596, 150.994
Support: 149.478, 149.002
Trading strategy: bullish above 149.930, target 150.596, 150.994
Alternative strategy: bearish at 149.930, target 149.478, 149.002
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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