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USDJPY: Short position plummets
2022-10-24
1079
Fundamental analysis:
The US dollar remained volatile against the Japanese yen at 147.395, and the annual inflation rate in Japan hit 3%, which made the outside world doubt the position of the Bank of Japan. Excluding the impact of tax increases, the annual inflation rate in Japan in September reached 3% for the first time in more than 30 years, which increased people's doubts about whether the Bank of Japan needs to continue to implement stimulus policies.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of high short positions has fallen rapidly, and the short-term decline may continue. The market short positions have emerged. The MACD index has fallen rapidly at high positions in the bull region, and the RSI index has moved rapidly down to the lower side of the 50 equilibrium line at high positions;
Empty turning point: 147.638
Pressing: 148.259, 148.881
Support: 146.883, 146.320
Trading strategy: 147.638 lower bearish, target 146.883, 146.320
Alternative strategy: 147.638 upper bullish, 148.259 and 148.881 targets
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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