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USDJPY: hovering at a low level
2023-07-14
745
Fundamental analysis:
USD/JPY remained volatile around 138.040. Japanese Finance Minister Masato Kanda: The government will continue to pay close attention to the foreign exchange market. The market sees the yen carry trade losing momentum. The market saw unwinding of speculative short yen positions.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market’s short-term sentiment gradually declined and then hovered at a low level. After the short-term decline slowed down, it continued to move downward.
Resistance levels: 138.677 139.072
Support levels: 137.698 137.385
Trading strategy: bearish below 138.280, target 137.698 137.385
Alternative strategy: Bullish above 138.280, target 138.677 139.072
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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