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USDJPY: low position moves down

2023-03-19
919
Fundamental analysis:

USD/JPY remained volatile around 131.653. Under the turmoil in European and American markets, the yen was favored again. When European and American banks were in crisis, the yen surpassed the US dollar and the Swiss franc to become the best-performing currency among the G10 currencies in the past five trading days. The biggest variable in the future still lies in the Fed's monetary policy path.

US dollar yen USDJPY - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term dynamics fluctuate downward, and the short-term decline may continue. The market as a whole is in a bearish mood. The MACD indicator is in the short-term area and the RSI indicator is in the short-term area. Slow down;

Resistance levels: 132.191 132.522

Support levels: 131.390 131.170

Trading strategy: bearish below 131.836, target 131.390 131.170
Alternative strategy: Bullish above 131.836, target 132.191 132.522

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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