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USDJPY: within a narrow range

2023-02-01
1050
Fundamental analysis:

USD/JPY remained volatile around 130.158. Recently, the Bank of Japan has occasionally shown signs of being hawkish, but it can be seen that it is only at the level of speech or policy reversal testing, so we need to focus on it. This will affect the long-term trend of the yen in the future important potential factors. Since last Wednesday, USD/JPY has been fluctuating within a narrow range. Before many central banks discuss interest rates, the yen will continue to maintain a volatile trend in the short term.

US dollar yen USDJPY - 4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the short-term maintenance range fluctuates within a narrow range, the market bulls are in a short-term anxious state, and there is no sign of breaking through this range node. It is in a weak position near the 50 balance line;

Long-short turning point: 130.249

Suppression: 130.506, 130.804
Support: 129.883, 129.580

Trading strategy: bearish below 130.249, target 129.883, 129.580
Alternative strategy: Bullish above 130.249, target 130.506, 130.804

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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