USDJPY: low level oscillation

Fundamental analysis:

The US dollar remained volatile against the Japanese yen at 139.251. According to Japanese official data, the annual rate of gross domestic product (GDP) fell by 1.2% month on month from July to September, while the estimated median growth was 1.1%, and the growth rate in the second quarter was revised up to 4.6%. GDP in the third quarter fell 0.3% compared with the previous quarter, and analysts had predicted an increase of 0.3%. In addition to the pressure brought by the slowdown of global growth and the war in Ukraine, Japan has been coping with the challenge of the yen falling to a 32 year low against the dollar, which has further raised the prices of various commodities, from fuel to food, and amplified the pressure on the cost of living.

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

Technical analysis:

The 4-hour chart shows that the low narrow amplitude shock of short power slowly descends, and the amplitude space begins to narrow. The MACD index is in the low position consolidation of short region, and the RSI index is in the weak position hovering under the 50 equilibrium line;

Empty turning point: 139.501

Pressing: 140.224, 140.928

Support: 138.540, 137.859

Trading strategy: bearish at 139.501, with goals of 138.540 and 137.859

Alternative strategy: bullish on 139.501, target 140.224, 140.928