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USDJPY: Retracement from highs

2023-09-08
621
Fundamental analysis:

The dollar remained volatile against the yen around 147.290. Bank of Japan review member Junko Nakagawa said the 2% inflation target is not yet visible. Negative interest rate policy could be exited when the economy is strong enough to weather the headwinds and demand strengthens amid the prospect of continued wage growth. Monetary policy does not target foreign exchange directly and cannot do so.

USDJPY - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum maintains shocks and retreats, the market's short-term sentiment gradually emerges, and there are signs of continued downward movement in the short term. The MACD indicator is at a high level in the bullish area and the RSI indicator is hovering weakly above the 50 balance line;

Resistance level: 147.541 147.719

Support level: 147.121 146.944

Trading strategy: Bearish below 147.376, target 147.121 146.944
Alternative strategy: bullish above 147.376, target 147.541 147.719

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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