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USDJPY: continued to move down
2023-05-04
821
Fundamental analysis:
The dollar remained volatile around 134.677 against the yen, and the Bank of Japan will not meet again until mid-June. Risk sentiment has stabilized as the banking crisis fades from view, further weakening demand for the safe-haven yen.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum remains oscillating and moving down, the short-term decline has not stopped, the market is shrouded in bearish sentiment, the MACD indicator is in the bullish area and moves down, and the RSI indicator is below the 50 balance line and moves down weakly;
Resistance levels: 135.273 135.630
Support levels: 134.331 134.053
Trading strategy: bearish below 134.906, target 134.331 134.053
Alternative strategy: Bullish above 134.906, target 135.273 135.630
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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