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USDJPY: Bulls rise

2023-09-13
662
Fundamental analysis:

USD/JPY remained volatile near 147.075. As the Bank of Japan may give up yield curve control and end negative interest rates as soon as possible, Naota Kazuo's remarks indicate that adjustments may be earlier than expected. Banks could rise another 30% not only because of possible policy changes but also because of lower price-to-book ratios.

USDJPY - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum continues to fluctuate and rise, short-term bullish sentiment is shrouded, the market bulls continue to rise, the MACD indicator is hovering below the 0 axis, and the RSI indicator is weakly consolidated near the 50 equilibrium line;

Resistance level: 147.268 147.456

Support level: 146.794 146.605

Trading strategy: Bullish above 146.976, target 147.268 147.456
Alternative strategy: bearish below 146.976, target 146.794 146.605

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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