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USDJPY: finishing within a narrow range

2023-05-09
850
Fundamental analysis:

USD/JPY remained volatile around 135.010, with pent-up demand from Japan's Golden Week holiday, and the market cautious in light of concerns over the U.S. banking sector, debt ceiling and geopolitics. USD/JPY has been tugged by speculation about a peak in U.S. interest rates and the Federal Reserve's downplaying expectations of rate cuts.

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



Brief technical analysis:

Looking at the 4-hour chart: The low-level bullish momentum maintained its shock and moved up and then began to sort out. The short-term bullish momentum began to weaken, but the upward trend may continue. The MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance levels: 135.298 135.619

Support levels: 134.554 134.225

Trading strategy: Bullish above 134.867, target 135.298 135.619
Alternative strategy: bearish below 134.867, target 134.554 134.225

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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