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USDJPY: interval bearish downward

2022-11-07
571
Fundamental analysis:

The dollar remained volatile against the yen at 146.773. Junichi Suzuki, Japanese Finance Minister, said that the currency market was driven by various factors. The exchange rate should be stable and reflect the fundamentals. It has no intention of guiding the foreign exchange rate to a certain level by intervening in the market. Monetary policy is determined by the Bank of Japan. The excessive fluctuation of foreign exchange cannot be tolerated, and the Japanese government bonds will be properly managed so that they can be stably absorbed in the market.



USD and JPY - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that after the short-term low range shocks, the short positions move down again. The market may fluctuate in this range for a short time. The MACD index is weak around the 0 axis, and the RSI index is weak below the 50 equilibrium line;


Empty turning point: 146.910


Pressing: 147.461, 147.953


Support: 146.358, 145.891


Trading strategy: bearish at 146.910, target 146.358, 145.891


Alternative strategy: bullish above 146.910, target 147.461, 147.953

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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