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USDJPY: Shock and rise

2022-12-29
615
Fundamental analysis:
The U.S. dollar against the yen remained volatile around 134.420. The "Survey of 100 Japanese Entrepreneurs" conducted by Nihon Keizai Shimbun showed that the number of respondents who believed that the world economy would "deteriorate" continued to increase after the September survey, reaching nearly 40%. The indicator of economic sentiment (DI) has fallen to its lowest level since the early days of the COVID-19 pandemic.

US dollar yen USDJPY - 4-hour K-line chart shows:



Brief technical analysis:
Looking at the 4-hour chart: the low-level bullish momentum maintains shocks and slowly moves upwards, and the short-term bullish momentum is rising within a narrow range. The market is still bullish. The MACD indicator is hovering above the 0 axis, and the RSI indicator is in the bullish zone.
Long-short turning point: 134.246
Suppression: 134.861, 135.262
Support: 133.859, 133.458
Trading strategy: Bullish above 134.246, target 134.861, 135.262
Alternative strategy: bearish below 134.246, target 133.859, 133.458

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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