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USDJPY: bulls pull up

2023-01-05
548
Fundamental analysis:
The U.S. dollar against the yen remained volatile around 132.637. Since it rose to a more than 30-year peak of 151.96 in September last year, the U.S. dollar has fallen by nearly 16% against the yen. Factors driving the yen's recent recovery include Japanese government intervention, an expected slowdown in the pace of Fed rate hikes and speculation that the Bank of Japan is about to unwind its ultra-loose monetary policy.

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



Brief technical analysis:
Looking at the 4-hour chart: the bulls are driving up strongly, the market is bullish, and the bulls are showing signs of continuing to move upward in the short term. The MACD indicator is in the short area and moves up, and the RSI indicator is hovering weakly above the 50 balance line;
Long-short turning point: 132.412
Suppression: 133.219, 133.706
Support: 131.940, 131.422
Trading strategy: Bullish above 132.412, target 133.219, 133.706
Alternative strategy: bearish below 132.412, target 131.940, 131.422

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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