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USDJPY: Multi head high position up
2022-10-20
1091
Fundamental analysis:
The dollar remained volatile against the yen at 149.886. Adachi, member of the Bank of Japan, said that the yen has fallen very rapidly recently, which may increase the uncertainty of enterprises planning capital expenditure. Consumer inflation in Japan is likely to accelerate rapidly in October. It is not considered necessary to take additional measures immediately to solve the problem of the deterioration of the functions of the Japanese government bond market.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum keeps fluctuating and gradually rises slowly. The market's bullish sentiment continues without any sign of stopping. The MACD index is at the high level in the bulls' area and the RSI index is at the 80 equilibrium line of the overbought area;
Empty turning point: 149.737
Pressing: 150.231, 150.649
Support: 149.333, 148.985
Trading strategy: bullish above 149.737, target 150.231, 150.649
Alternative strategy: 149.737 lower bearish, target 149.333, 148.985
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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