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USDJPY: Bulls rise strongly
2022-10-17
1104
Fundamental analysis:
The dollar remained volatile against the yen at 148.683. Bank of Japan Governor Kuroda reiterated his commitment to pursue loose monetary policy at the joint press conference in Washington, which further intensified the policy phasing between the Bank of Japan and the Federal Reserve. Therefore, with the prospect of further improvement of US dollar interest rate, the US dollar has always tried to move towards a higher level against the Japanese yen.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum keeps surging, and there is no sign of stopping the short-term bulls' high. The MACD index is in the region of bulls' high and continues to move up, and the RSI index is hovering in the 80 equilibrium line market in the overbought area;
Empty turning point: 148.547
Pressing: 149.092, 149.430
Support: 148.152, 147.833
Trading strategy: bullish above 148.547, target 149.092, 149.430
Alternative strategy: bearish at 148.547, target 148.152, 147.833
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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