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USDJPY: Climbing higher

2023-05-19
756
Fundamental analysis:

The dollar remained volatile around 138.696 yen after Japan's exports grew at their slowest pace in more than two years in April amid lingering concerns about weak global economic demand and a drop in exports to China. Japan's economy emerged from recession in the first quarter, buoyed by a boost in consumer spending and tourism after epidemic restrictions ended, but weak exports are weighing on factory activity and hampering a broader recovery.

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



Brief technical analysis:

4-hour chart: The high-level bullish momentum continues to fluctuate and climb, short-term bullish sentiment is shrouded, and there is no sign of stopping, the market bullish momentum continues, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone. High overbought zone 80 equilibrium line side wandering;

Resistance levels: 138.982 139.289

Support levels: 138.249 137.934

Trading strategy: Bullish above 138.593, target 138.982 139.289
Alternative strategy: bearish below 138.593, target 138.249 137.934

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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