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USDJPY: Wide range of fluctuations

2023-08-31
694
Fundamental analysis:

USD/JPY remained volatile around 146.251. Bank of Japan member Naoki Tamura: Price trends are uncertain. Ending negative interest rates is an option if the inflation target is achieved from January to March next year. The sequence and pace of the BOJ's exit from its easing will depend on the state of the economy at that time.

USDJPY - 4-hour K-line chart shows:



Brief technical analysis:

4-hour chart: After the short-term high retracement moves downward, it maintains a wide range of fluctuations. The market bulls continue to move upward, and there are signs of continued upward movement in the short term. The MACD indicator is hovering above the 0 axis, and the RSI indicator is consolidating near the 50 equilibrium line;

Resistance level: 145.409 146.569

Support level: 146.000 145.825

Trading strategy: Bullish above 146.160, target 145.409 146.569
Alternative strategy: bearish below 146.160, target 146.000 145.825

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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