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USDJPY: The bull moves up slowly
2022-10-11
1046
Fundamental analysis:
The US dollar remained volatile against the Japanese yen at 145.631. The Bank of Japan will tolerate the gradual depreciation of the Japanese yen, especially when Japan's foreign exchange reserves are gradually declining. What the Bank of Japan does not want to see is that the so-called yen should not fall sharply unilaterally. To this end, traders are expected to further and gradually push down the yen.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bulls' momentum maintains a narrow range of consolidation and slowly moves upward, the market is bullish, and it continues to move upward in the short term. The MACD index hovers at a high level in the bulls' region, and the RSI index maintains a weak consolidation in the bulls' region;
Empty turning point: 145.472
Pressing: 145.983, 146.345
Support: 145.147, 144.813
Trading strategy: bullish above 145.472, target 145.983, 146.345
Alternative strategy: 145.472 lower bearish, target 145.147, 144.813
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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