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USDJPY: sorting out high position and weak position

2022-09-19
432
Fundamental analysis:

The dollar remained volatile against the yen at 142.954. Junichi Suzuki, the Japanese Finance Minister, said that if the yen continued to depreciate significantly, no options would be excluded when taking action in the foreign exchange market. Concerned about the recent sharp unilateral depreciation of the yen.


USD and JPY - 4-hour K line chart shows:




Technical analysis:


The 4-hour chart shows that the momentum of high short positions remains weak and the trend of short-term decline may continue. The overall short positions in the market begin to emerge. The MACD indicator hovers on the top of the 0 axis, and the RSI indicator narrows on the bottom of the 50 equilibrium line;


Empty turning point: 143.212


Pressing position: 143.757, 144.302


Support position: 142.369, 141.837


Trading strategy: 143.212 lower bearish, target 142.369, 141.837


Alternative strategy: bullish above 143.212, target 143.757, 144.302

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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