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USDJPY: high retracement
2023-03-05
920
Fundamental analysis:
The dollar remained volatile against the yen near 135.836. Japan's economic growth in the fourth quarter of last year may have been slightly faster than initial estimates, but the recovery remained fragile as weak capital spending dampened hopes for a sustained recovery in demand.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: the high-level short-term dynamics fluctuated and retreated, and the short-term dynamics in the market began to emerge slowly. In the short term, there is a trend of continuing to move downward. The MACD indicator is in the bullish area and moves down, and the RSI indicator is hovering at the 50 balance line and moves down;
Resistance levels: 136.257 136.587
Support levels: 135.926 135.237
Trading strategy: bearish below 135.958, target 135.926 135.237
Alternative strategy: Bullish above 135.958, target 136.257 136.587
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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