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USDJPY: Bulls up
2023-01-24
945
Fundamental analysis:
The dollar remained volatile against the yen near 130.672. The Japanese government finalized its economic forecast for 2023 at a cabinet meeting on the 23rd. The real gross domestic product (GDP) growth rate, which excludes the impact of price changes, is forecast at 1.5%, and the nominal GDP growth rate is 2.1%. The actual GDP amount will reach 558.5 trillion yen (about 29 trillion yuan), which will reach a new high if realized.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum maintains a narrow range of consolidation upward, the market is shrouded in bullish sentiment, the short-term bullish momentum maintains a slow rise, the MACD indicator is in the bullish zone and moves upward slowly, and the RSI indicator is in the bullish zone for consolidation;
Long-short turning point: 130.388
Suppression: 131.202, 131.735
Support: 129.840, 129.260
Trading strategy: Bullish above 130.388, target 131.202, 131.735
Alternative strategy: bearish below 130.388, target 129.840, 129.260
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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