USDJPY: the low rebound retreats when it is blocked

Fundamental analysis:

The dollar remained volatile against the yen at around 133.838. Japan's defense ministry is adjusting the requirements for the defense budget estimates for 2023, which will be summarized at the end of August. The estimated amount is 5.5 trillion yen, which will be the largest amount ever. In addition, it will also include some "itemized requests" that do not specify the budget amount. The Japanese government is likely to ensure the financial source of the increase in defense costs by issuing treasury bonds, increasing taxes and reducing social security.

USD JPY - 4-hour K-line chart shows:

Technical analysis:

Looking at the 4-hour chart: the low-level long power fluctuated strongly and moved up, the short-term high power retreated when it was blocked, and the short power waited for the opportunity to enter. The MACD index was in the short area, maintained consolidation and moved up slowly, and the RSI index was in 50 equilibrium, and the online side was weak;

Turning point of long and short: 134.194

Pressing position: 134.850, 135.475

Support position: 133.101, 132.492

Trading strategy: bearish below 134.194, target 133.101, 132.492

Alternative strategy: bullish above 134.194, target 134.850, 135.475