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USDJPY: wide range shock
2023-06-11
764
Fundamental analysis:
USD/JPY remained volatile around 139.295, a loose monetary policy stance that differentiates the Bank of Japan from the U.S. and European central banks, given that the Bank of Japan is unlikely to change policy significantly anytime soon.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish dynamics are oscillating and rising, the short-term wide-range shocks are moving upward, the market bullish sentiment emerges, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering near the 50 balance line;
Resistance levels: 139.572 139.759
Support levels: 139.114 138.938
Trading strategy: Bullish above 139.295, target 139.572 139.759
Alternative strategy: bearish below 139.295, target 139.114 138.938
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