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USDJPY: wide range shock
2023-01-19
1023
Fundamental analysis:
USD/JPY remained volatile around 128.820. At the two-day policy meeting, the Bank of Japan voted unanimously to keep its yield curve control (YCC) target unchanged, keep the short-term interest rate target at minus 0.1%, and maintain the 10-year bond yield The target is near zero level. The central bank also did not change its guidance allowing the 10-year yield to move no more than 50 basis points around its 0 percent target.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: low short-term wide fluctuations, short-term bullish momentum has signs of waiting for an opportunity to enter the market, but the follow-up momentum is lacking, the MACD indicator is in the bearish area and slowly rising, and the RSI indicator is hovering weakly below the 50 balance line;
Long-short turning point: 128.568
Suppression: 129.497, 130.129
Support: 128.056, 127.451
Trading strategy: Bullish above 128.568, target 129.497, 130.129
Alternative strategy: bearish below 128.568, target 128.056, 127.451
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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