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USDJPY: finishing within a narrow range
2023-01-11
1094
Fundamental analysis:
The dollar remained volatile against the yen near 132.198, with inflation in Tokyo hitting 4 percent for the first time since 1982, raising the possibility of a further hawkish turn by the Bank of Japan. If there is no major stimulus in the near future, the dollar is not expected to have much downside against the yen.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: In the short term, it will maintain a weak and narrow range of adjustments and shifts. The market’s bearish sentiment has signs of waiting for an opportunity to enter the market, but it still maintains weak shocks. The MACD indicator is weakly hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Long-short turning point: 132.295
Suppression: 132.766, 133.282
Support: 131.659, 131.127
Trading strategy: bearish below 132.295, target 131.659, 131.127
Alternative strategy: bullish above 132.295, target 132.766, 133.282
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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