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USDJPY: V-shaped reversal
2023-06-15
823
Fundamental analysis:
USD/JPY remained volatile around 140.031, with Japanese Prime Minister Fumio Kishida considering dissolving the House of Representatives on the same day if the opposition submits a no-confidence motion on Friday.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: short-term short positions reversed and moved up after a rapid decline, the market’s bullish sentiment continued, the MACD indicator was on the upper side of the 0 axis, and the RSI indicator was hovering weakly on the upper side of the 50 balance line;
Resistance levels: 140.205 140.367
Support levels: 139.789 139.644
Trading strategy: Bullish above 139.933, target 140.205 140.367
Alternative strategy: bearish below 139.933, target 139.789 139.644
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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