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USDJPY: bears continue to decline
2022-08-02
1244
Fundamental analysis:
The dollar remained stable against the yen
The huge interest rate gap between the yields of US Treasuries and Japanese bonds attracts Japanese investors to hold US Treasuries and other investors to short the yen against the US dollar. Traders are reducing their bets on a weaker yen, as the risk of raising interest rates is reduced. Now the short covering of yen will become the main tone of August trading.
USD JPY - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the short-term downward trend is good, and there is no sign of stopping in the short-term decline. The market as a whole is weak. The MACD index is in the short area to maintain consolidation and translation, and the RSI index is in the low position and weak position in the short area;
Long short turning point: 131.825
Pressing position: 132.302, 132.835
Support position: 131.120, 130.564
Trading strategy: bearish below 131.825, target 131.120, 130.564
Alternative strategy: bullish above 131.825, target 132.302, 132.835
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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