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USDJPY: Move higher

Fundamental analysis:

The U.S. dollar remained volatile against the yen around 147.820. Japan's second-quarter gross domestic product (GDP) grew at a revised 4.8% year-on-year rate, lower than the initial growth rate of 6.0%. The median market forecast was for growth of 5.5%. Japan's economy grew at a slower pace than initially estimated in the second quarter as capital spending fell, a sign that growing uncertainty overseas is weighing on Japanese business confidence.

USDJPY - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum continues to fluctuate and rise, the short-term bullish sentiment continues, the market bulls continue to pull up and go higher, the MACD indicator maintains consolidation in the bullish zone, and the RSI indicator hovers weakly above the 50 equilibrium line;

Resistance level: 147.988 148.140

Support level: 147.541 147.364

Trading strategy: Bullish above 147.723, target 147.988 148.140
Alternative strategy: bearish below 147.723, target 147.541 147.364

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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