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USDJPY: rising from highs
2023-09-06
474
Fundamental analysis:
The U.S. dollar remained volatile against the yen around 147.724. Japan's service sector activity expanded at the fastest pace in three months in August. As inbound tourism regained momentum, strong consumer spending provided support. The relatively upbeat services sector contrasts with shrinking manufacturing activity and low business confidence amid a slowdown in global demand.
USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising at a high level, and there is a continued upward trend in the short term. The market is bullish, the MACD indicator is in the bullish zone and continues to move upward, and the RSI indicator is hovering near the 80 equilibrium line at the high level in the bullish zone;
Resistance level: 147.904 148.052
Support level: 147.426 147.235
Trading strategy: Bullish above 147.612, target 147.904 148.052
Alternative strategy: bearish below 147.612, target 147.426 147.235
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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