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USDJPY: bears continue to decline
2022-07-29
1208
Fundamental analysis:
The US dollar remained volatile against the yen at around 134.725, and the Federal Reserve continued to raise interest rates by 75 basis points as scheduled. Considering that the Bank of Japan is the only major economy that has not done anything in terms of interest rates so far, and the interest rate gap with major economies has been widening, even if the yen wants to rebound, the gap and range are limited.
USD JPY - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the power of high short positions fluctuated rapidly and fell, hovering low and weak in the short term, and the downward trend of short positions was good. MACD index was in the short position to maintain low consolidation, and RSI index was in the short position to hover low and weak;
Turning point of long and short: 134.725
Pressing position: 135.071, 135.399
Support position: 134.200, 133.891
Trading strategy: bearish below 134.725, target 134.200, 133.891
Alternative strategy: bullish above 134.725, target 135.071, 135.399
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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