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USDJPY: shock moves up
2023-05-16
845
Fundamental analysis:
The U.S. dollar against the yen remained volatile around 136.102. Japan’s Minister of Economic Regeneration Shigeyuki Goto: The government believes that it is meaningful for the Bank of Japan to review past monetary policies. The BOJ must respond quickly to any changes, including downside risks to the economy.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the long-term momentum maintains shocks and rises, and the short-term bullish sentiment remains, the market’s long-term momentum begins to weaken, the MACD indicator is in the long-term zone and slowly rising, and the RSI indicator is in the long-term zone to maintain consolidation;
Resistance levels: 136.368 136.637
Support levels: 135.703 135.408
Trading strategy: Bullish above 135.964, target 135.703 135.408
Alternative strategy: bearish below 135.964, target 136.368 136.637
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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