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USDJPY: high move up

2023-03-09
845
Fundamental analysis:

USD/JPY remained volatile around 137.313. Both US bond yields and USD/JPY could see some correction depending on the market's reaction to the upcoming US data, but the bias of both is unmistakable and any pullback could attract Aggressive buying by Japanese importers, investors and speculators.

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



Brief technical analysis:

Looking at the 4-hour chart: the high level rose again after a short-term retracement, the market is still bullish, the MACD indicator is at a high level in the bull area, and the RSI indicator is hovering above the 50 balance line;

Resistance levels: 137.526 137.720

Support levels: 136.970 136.768

Trading strategy: bearish below 137.187, target 136.970 136.768
Alternative strategy: Bullish above 137.187, target 137.526 137.720

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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