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USDJPY: Move low multiple head up

2022-10-31
564
Fundamental analysis:

The dollar remained volatile against the yen at 147.507. The Bank of Japan raised its estimate of core consumer inflation rate for the fiscal year ending March 2023 to 2.9% from 2.3% predicted in July, far higher than the 2% target.


USD and JPY - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that the low bulls' momentum keeps moving up in shock, short-term bullish sentiment emerges, market bulls keep getting involved, the MACD index stays in the short area and keeps moving up in shock, and the RSI index stays in the weak position near the 50 equilibrium line;


Empty turning point: 147.349


Pressing: 147.939, 148.384


Support: 146.928, 146.741


Trading strategy: bullish above 147.349, target 147.939, 148.384


Alternative strategy: 147.349 lower bearish, target 146.928, 146.741

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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