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USDJPY: low volatility
2023-05-12
878
Fundamental analysis:
USD/JPY remained volatile around 134.372 as the Bank of Japan kept ultra-low interest rates unchanged but announced a plan to review its past monetary policy moves. The central bank also removed policy guidance pledging to keep interest rates at "current or lower levels," a move that gives the BOJ more flexibility to raise rates.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: low volatility within a narrow range, market sentiment began to weaken, but there is still a further downward trend, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is weakly hovering below the 50 balance line;
Resistance levels: 134.743 135.021
Support levels: 134.018 133.749
Trading strategy: bearish below 134.372, target 134.018 133.749
Alternative strategy: Bullish above 134.372, target 134.743 135.021
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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