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USDJPY: Uptrend at a high level
2023-05-24
789
Fundamental analysis:
USD/JPY remained volatile around 138.571, having risen to a near six-month high of 138.87 in Asian trade and is now trading around 138.77, reflecting the stark contrast between the still-hawkish Fed and the ultra-dovish Bank of Japan .
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart shows that the momentum of the high-level bulls remains volatile and upward, and the short-term bullish sentiment is shrouded. The bulls in the market are constantly moving upwards. The MACD indicator is in the bullish zone to maintain consolidation, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 138.862 139.151
Support levels: 138.110 137.785
Trading strategy: Bullish above 138.435, target 138.862 139.151
Alternative strategy: bearish below 138.435, target 138.110 137.785
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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