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USDJPY: high rise

2023-05-02
515
Fundamental analysis:

USD/JPY remained volatile around 137.475, with yen bulls bracing for a period of weakness until markets renew bets that the Bank of Japan will adjust policy at its June or July meeting. The yen fell to a two-month low against the dollar after the Bank of Japan held steady last week, with options showing a 50-50 chance of the pair hitting 140 by the end of July.

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



Brief technical analysis:

Looking at the 4-hour chart: the high-level bullish momentum continues to fluctuate and rise, the short-term bullish sentiment remains, the market bullish momentum continues to rise, the MACD indicator continues to rise in the bullish zone, and the RSI indicator is in the bullish zone. The overbought zone is near the 80 balance line;

Resistance levels: 137.731 138.020

Support levels: 137.025 136.701

Trading strategy: Bullish above 137.309, target 137.025 136.701
Alternative strategy: bearish below 137.309, target 137.731 138.020

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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