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USDJPY: high rise
2023-05-26
799
Fundamental analysis:
The U.S. dollar against the yen remained volatile around 140.047. Bank of Japan Governor Kazuo Ueda: I don’t think the current balance sheet of the Bank of Japan, which includes a large number of Japanese government bonds and ETFs, is a normal balance sheet for a central bank. The BOJ must maintain the current composition of its balance sheet until inflation reaches its 2 percent target on a stable and sustainable basis.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the high bulls continues to move upwards, the short-term bullish sentiment is shrouded, the bulls in the market are constantly rising, the MACD indicator is in the bullish zone and the RSI indicator is in the bullish zone and it is hovering;
Resistance levels: 140.356 140.699
Support levels: 139.489 139.136
Trading strategy: Bullish above 139.866, target 140.356 140.699
Alternative strategy: bearish below 139.866, target 139.489 139.136
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