USD/JPY remains volatile around 130.969, and the Bank of Japan will eventually have to abandon its yield curve control (YCC) policy, a key factor in the bank's view that USD/JPY will head towards 120 in 2023. The impact of yen liquidity could also support the yen as domestic yields become more attractive to Japanese insurers as well as overseas investors with currency-hedged positions.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum remains low and continues to fall, the short-term decline may continue, the market's short-term sentiment is good, the MACD indicator is in the short-term area and the RSI indicator is in the short-term area.
Long-short turning point: 131.279
Suppression: 131.720, 132.174
Support: 130.530, 130.200
Trading strategy: bearish below 131.279, target 130.530, 130.200
Alternative strategies: Bullish above 131.279, target 131.720, 132.174