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USDJPY: high move up

Fundamental analysis:

The dollar remained volatile against the yen near 138.587 as investors now awaited a key meeting between U.S. President Joe Biden and House Republican Speaker McCarthy on Monday to discuss the debt ceiling. Talks between the two sides came to an abrupt halt on Friday when Republican negotiators walked out of the meeting. While the talks eventually resumed, neither side mentioned any progress, sending the dollar lower. The dollar snapped a six-day winning streak against the yen on Friday and retreated from a six-month high.

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

Brief technical analysis:

Looking at the 4-hour chart: the momentum of the high-level bulls has risen again, and the bullish sentiment in the market continues.

Resistance levels: 138.862 139.151

Support levels: 138.110 137.785

Trading strategy: Bullish above 138.435, target 138.862 139.151
Alternative strategy: bearish below 138.435, target 138.110 137.785

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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