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USDJPY: high move up
2023-08-22
737
Fundamental analysis:
USD/JPY remained volatile around 146.224. The Japanese government plans to hold a meeting with the foreign ministers of the Gulf Cooperation Council (GCC) member states in Saudi Arabia in early September and is coordinating on this. Japan intends to strengthen cooperation with oil-producing countries to promote a stable supply of energy. Foreign Minister Lin Fangzheng will attend and is considering visiting Egypt and Jordan.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the high bulls keeps oscillating and moving up, the short-term bullish sentiment is shrouded, the bulls in the market are constantly rising, the MACD indicator is in the bullish area and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 146.505 146.739
Support levels: 145.806 145.529
Trading strategy: Bullish above 146.066, target 146.505 146.739
Alternative strategy: bearish below 146.066, target 145.806 145.529
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