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USDJPY: Uptrend at a high level
2023-03-03
1028
Fundamental analysis:
The dollar remained volatile against the yen near 136.701, and the Bank of Japan Board of Review member Takada So said that even while maintaining large-scale stimulus, the Bank of Japan must always be ready to reduce the side effects of long-term monetary easing. There is no immediate need for additional steps to undo the market distortions caused by the Bank of Japan's aggressive intervention in the bond market.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high level moves up in a narrow range, the market is still bullish, and there is a short-term trend of oscillating and moving upward. The MACD indicator is in the bullish area and the RSI indicator is hovering above the 50 balance line;
Long-short turning point: 136.494
Suppression: 136.997, 137.298
Support: 136.133, 135.804
Trading strategy: Bullish above 136.494, target 136.997, 137.298
Alternative strategy: bearish below 136.494, target 136.133, 135.804
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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