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USDJPY: high rise

Fundamental analysis:

The U.S. dollar against the yen remained volatile around 137.664. Japan’s economic growth was higher than expected, and the further relaxation of epidemic prevention regulations boosted consumption. Positive economic performance may continue to heat up speculation about early general elections and central bank policy adjustments. Stronger-than-expected consumption and business data were the main drivers of economic growth in the first quarter, while trade activity weighed on overall data performance.

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 continues, the market bulls continue to climb, and there is no sign of stopping, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is in the bullish zone and continues to rise;

Resistance levels: 137.937 138.185

Support levels: 137.233 136.972

Trading strategy: Bullish above 137.510, target 137.937 138.185
Alternative strategy: bearish below 137.510, target 137.233 136.972

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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