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USDJPY: Bulls rally

2023-08-25
531
Fundamental analysis:

USD/JPY remained volatile around 145.838. In view of the Bank of Japan’s unusually loose monetary policy, traders who have been wary of whether the Bank of Japan will intervene in the market have taken the opportunity to take profits to calm their long positions in the US dollar.

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



Brief technical analysis:

Looking at the 4-hour chart: the momentum of the bulls remains volatile and rising, the short-term bullish sentiment continues, the bulls in the market continue to climb, the MACD indicator is finishing near the 0 axis, and the RSI indicator is hovering above the 50 balance line;

Resistance levels: 146.093 146.308

Support levels: 145.412 145.134

Trading strategy: bullish above 145.690, target 146.093 146.308
Alternative strategy: bearish below 145.690, target 145.412 145.134

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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