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USDJPY: Low strong shock moves up
2022-09-26
1155
Fundamental analysis:
The dollar remained volatile against the yen at 143.365. Japan intervened in the foreign exchange market and bought yen for the first time since 1998, trying to support the stricken local currency after the Bank of Japan insisted on ultra-low interest rate policy.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that after the short sellers' power plummeted, the low position was supported and rapidly reversed and pulled up. In the short term, the bulls waited for an opportunity to enter the field and rose strongly. The MACD index hovered under the 0 axis, and the RSI index was in the weak position near the 50 equilibrium line;
Empty turning point: 143.231
Pressing position: 143.724, 144.147
Support position: 142.838, 142.395
Trading strategy: bullish above 143.231, target 143.724, 144.147
Alternative strategy: bearish at 143.231, with targets of 142.838 and 142.395
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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