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USDJPY: high retracement
2023-02-20
1050
Fundamental analysis:
USD/JPY remained volatile around 124.137 as the market awaited a speech by Kazuo Ueda, who was nominated as the next governor of the Bank of Japan, at his House of Representatives confirmation hearing on Feb. 24. According to the analysis, Ueda Kazuo is a pragmatic policy maker-type scholar, and his characteristics are a listener and consensus builder, rather than a person with strong views and a hard-line position on monetary policy.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bulls continue to fluctuate and rise, and the high level is short-term resistance and retracement, the market bearish sentiment begins to emerge, the MACD indicator is in the bullish zone, and the RSI indicator is in the bullish zone and slowly retreats;
Long-short turning point: 134.306
Suppression: 134.628, 135.041
Support: 133.748, 133.367
Trading strategy: bearish below 134.306, target 133.748, 133.367
Alternative strategy: Bullish above 134.306, target 134.628, 135.041
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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