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USDJPY: high narrow finishing move up
2022-08-29
1176
Fundamental analysis:
The U.S. dollar fluctuated around 137.376 against the Japanese yen. The board member of the Bank of Japan (BoJ), Hirofumi Nakamura, said that the weakness of the Japanese yen was beneficial to Japanese exports, but would increase import costs. The weakness of the yen has both advantages and disadvantages, so we must observe carefully. Although the Bank of Japan can do little, because the recent decline of the yen is mainly driven by the US interest rate increase.
US dollar and Japanese yen USDJPY - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, after the high level maintains a narrow range, the Bulls wait for the opportunity to enter the market and move up slowly. In the early stage, the high level is close at hand and the break is imminent. The Bulls continue to pull up. The MACD index is weak on the upper side of the 0 axis, and the RSI index is in the 50 balanced line side;
Long and short turning point: 137.219
Pressing position: 137.754, 138.107
Support position: 136.812, 136.352
Trading strategy: bearish below 137.219, target 136.812, 136.352
Alternative strategy: bullish above 137.219, target 137.754, 138.107
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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