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USDJPY: hovering in a tight range
2023-02-03
1083
Fundamental analysis:
USD/JPY remained volatile around 128.692. After the Federal Reserve raised interest rates as scheduled and Federal Reserve Chairman Powell made comments that were interpreted as dovish, USD/JPY followed U.S. bond yields down, but the decline was limited and was much higher than the January low. Market expectations and the Fed's dot plot diverged. The weak data looks to be the reason why USD/JPY is heading towards January lows.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The short-term dynamics remain oscillating and moving downward. After receiving support in the short term, they began to sort out, and the market’s bearish sentiment began to shroud.
Long-short turning point: 128.843
Suppression: 129.104, 129.350
Support: 128.463, 128.249
Trading strategy: bearish below 128.843, target 128.463, 128.249
Alternative strategy: Bullish above 128.843, target 129.104, 129.350
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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