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United States and Japan: weak consolidation
2022-07-21
1143
Fundamental analysis:
The USD / JPY remained volatile around 138.021. Japanese Importers were interested in buying from 138.00, while exporters were interested in selling when it rose to 139.00. It is expected that the exchange rate will see through the 137-140 range before the Federal Reserve raises interest rates at the end of this month.
USD JPY - 4-hour K-line chart shows:
Technical analysis:
Looking at the 4-hour chart: the high short momentum maintained a shock downward, and began to consolidate after being supported in the short term. The bulls were waiting for the opportunity to enter, but the market as a whole was still weak. The MACD index hovered on the upper side of the 0 axis, and the RSI index was in a narrow consolidation near the 50 equilibrium line;
Long short turning point: 138.277
Pressing position: 138.649, 139.046
Support position: 137.694, 137.433
Trading strategy: bearish below 138.277, target 137.694, 137.433
Alternative strategy: bullish above 138.277, target 138.649, 139.046
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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