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USDJPY: high rise

2023-05-25
826
Fundamental analysis:

The dollar remained volatile around 139.459 against the yen, with traders shorting the yen, which has been under pressure this year, but risk aversion may support a rebound in the yen; low volatility, resilience in stocks and the Bank of Japan's policy fueled yen carry trades.

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



Brief technical analysis:

Looking at the 4-hour chart: high, but the bullish momentum remains volatile and rising, the short-term bullish sentiment remains, the short-term bullish momentum in the market has not yet shown signs of stopping, the MACD indicator is in the bullish area to maintain consolidation, and the RSI indicator is in the bullish area to maintain shocks;

Resistance levels: 139.793 140.108

Support levels: 138.875 138.602

Trading strategy: Bullish above 139.244, target 139.793 140.108
Alternative strategy: bearish below 139.244, target 138.875 138.602

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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