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USDJPY: low position moves down
2023-07-13
800
Fundamental analysis:
USD/JPY remained volatile around 138.498, and the USD/JPY decline may continue. The market expects that the Bank of Japan may adjust its policy at its July meeting, triggering unwinding of short positions in the yen.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the market’s short-term sentiment continues, and the short-term decline may continue. The overall short-term situation in the market is good. The MACD indicator is in the short-selling area and moves down, and the RSI indicator is hovering near the 15 balance line in the low-level oversold zone;
Resistance levels: 139.072 139.443
Support levels: 138.119 137.849
Trading strategy: bearish below 138.688, target 138.119 137.849
Alternative strategy: Bullish above 138.688, target 139.072 139.443
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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