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USDJPY: high move up

2023-03-08
1029
Fundamental analysis:

USD/JPY remained volatile around 137.160, and the market was divided on expectations of U.S. interest rate hikes. If the Fed starts to cut interest rates and the Bank of Japan implements monetary policy normalization, the yen may have a chance to rise by 60% from the current level.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level bulls are pulling up strongly, the market is shrouded in bullish sentiment, and the bulls are continuing to pull up. The MACD indicator is moving up on the upper side of the 0 axis, and the RSI indicator is on the upper side of the 50 balance line.

Resistance levels: 137.360 137.574

Support levels: 136.814 136.605

Trading strategy: Bullish above 137.035, target 137.360 137.574
Alternative strategy: bearish below 137.035, target 136.814 136.605

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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