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USDJPY: step down

Fundamental analysis:

The dollar remained volatile against the yen at 145.622. Japan's foreign exchange reserves continued to decline in October, affected by the largest intervention in yen buying and dollar selling in history. Japan did not secretly intervene in the foreign exchange market in September, but only bought yen and sold dollars in the market on September 22, which was the first time since 1998 that Japan entered the market to discourage the devaluation of the yen.

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

Technical analysis:

The 4-hour chart shows that the short selling power is in a downward trend of step shock, and the short-term decline may continue. The market short selling mood is shrouded. The MACD indicator is at the low level of the short selling area, and the RSI indicator is hovering below the 50 equilibrium line;

Empty turning point: 145.853

Pressing: 146.332, 146.775

Support: 145.123, 144.782

Trading strategy: bearish at 145.853, target 145.123, 144.782

Alternative strategy: bullish above 145.853, target 146.332, 146.775

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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