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USDJPY: short-term shock

2023-09-12
620
Fundamental analysis:

USD/JPY held steady around 146.581, with the yen gaining against all ten major currencies while Treasuries fell as traders reacted to Bank of Japan Governor Kazuo Ueda's potentially hawkish comments on negative interest rate policy.

USDJPY - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the volatility of the high-level short momentum has narrowed after the shock moved downward, and the weak consolidation has been maintained in the short term. The market is shrouded in short sentiment. The MACD indicator is weakly consolidated below the 0 axis, and the RSI indicator is weakly hovering below the 50 equilibrium line;

Resistance level: 146.907 147.131

Support level: 146.372 146.183

Trading strategy: Bearish below 146.700, target 146.372 146.183
Alternative strategy: bullish above 146.700, target 146.907 147.131

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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