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USDJPY: shock retracement

2023-01-26
443
Fundamental analysis:

The dollar remained volatile against the yen near 129.576, with the Bank of Japan likely to begin phasing out special measures such as the yield curve control policy within months of the new governor taking office in April. The BOJ is more likely to adjust policy within the first six months of a new governor, though it is likely to continue monetary easing to keep rates low even after yield curve control and negative interest rates end.

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



Brief technical analysis:

The 4-hour chart: The short-term momentum maintains a narrow range of consolidation and retracement, the market bearish sentiment begins to emerge, the short-term decline may continue, the MACD indicator is in the bullish area and slowly retreats to near the 0 axis for consolidation, and the RSI indicator is below the 50 balance line Weak wandering;

Long-short turning point: 129.860

Suppression: 130.328, 130.765
Support: 129.084, 128.627

Trading strategy: bearish below 129.860, target 129.084, 128.627
Alternative strategy: Bullish above 129.860, target 130.328, 130.765

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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