USDJPY: Bulls move up

Fundamental analysis:

The dollar remained volatile against the yen near 133.397. According to data from the Bank of Japan, the purchase of long-term government bonds in December 2022 reached 16.1809 trillion yen. The annual purchase amount reached 111.0607 trillion yen, the highest level since 2016 (119.2416 trillion yen) when long-term and short-term interest rate operations (Yield Curve Control YCC) were introduced. Due to expectations of interest rate hikes in the United States and Europe and the Bank of Japan's policy adjustments, government bonds were sold, and the Bank of Japan increased its purchases of government bonds aimed at curbing interest rate rises.

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

Brief technical analysis:

Looking at the 4-hour chart: The low-level bulls are moving up in a stepwise manner, short-term bullish sentiment is emerging, the market bulls are constantly moving upward, the MACD indicator is on the upper side of the 0 axis and slowly moving upward, and the RSI indicator is on the upper side of the 50 balance line;

Long-short turning point: 133.137

Suppression: 133.866, 134.322

Support: 132.635, 132.148

Trading strategy: Bullish above 133.137, target 133.866, 134.322

Alternative strategy: bearish below 133.137, target 132.635, 132.148