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USDJPY: step vibration moves down
2022-11-03
1090
Fundamental analysis:
The US dollar remained volatile against the Japanese yen at 147.874, and the Bank of Japan could continue to achieve its inflation rate target of 2%. As the yen fell to a 32 year low and continued to push up import costs, Japan's core inflation rate accelerated to 3.0% in September, hitting an eight year high, which challenged the central bank's determination to maintain its ultra loose policy stance.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the short sellers' momentum moves downward in a step like manner, rising rapidly in the short term. The market bulls have signs of waiting for opportunities to enter the market, but they are still in the downward trend. The MACD index is weak around the 0 axis, and the RSI index is weak around the 50 equilibrium line;
Empty turning point: 148.131
Pressing: 148.684, 149.225
Support: 147.433, 146.976
Trading strategy: bearish at 148.131, target 147.433, 146.976
Alternative strategy: bullish on 148.131, target 148.684, 149.225
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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