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USDJPY: low consolidation
2022-11-25
1150
Fundamental analysis:
The dollar remained volatile against the yen at 138.611, as Japanese manufacturing activity contracted at the fastest pace in two years in November as demand deteriorated due to strong inflationary pressures. Manufacturing activity fell for the first time in 22 months on a monthly basis, casting a question mark on the outlook for Japan's economy, which relies heavily on trade with China and other countries for growth.
USDJPY USDJPY - 4-hour candlestick chart shows:
A brief technical analysis:
From the 4-hour chart: the bearish momentum continues to fluctuate downwards, the low level is narrowly weak and the market is in a bearish downtrend as a whole, the MACD indicator is in the bearish area and slowly moves down, and the RSI indicator is in the bearish area and narrowly arranged;
Long-short turning point: 138.900
Suppression: 139.492, 140.102
Support: 138.082, 137.594
Trading strategy: bearish below 138.900, target 138.082, 137.594
Alternative strategy: bullish above 138.900, target 139.492, 140.102
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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