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