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USDJPY: bears continue to fall
2022-08-01
706
Fundamental analysis:
The dollar remained volatile against the yen at around 133.335, and the yen rose for the third consecutive day after the Fed meeting. The expected reduction in interest rate hikes prompted hedge funds to cover short yen positions. The US and Japan have fallen by more than 4% from the peak in mid July.
USD JPY - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the short-term momentum remained volatile and the downward trend was good, and the short-term decline might continue. MACD index remained low and weak in the short area, and RSI index was low and narrow in the short area;
Long short turning point: 133.598
Pressing position: 134.020, 134.467
Support position: 132.891, 132.394
Trading strategy: bearish below 133.598, target 132.891, 132.394
Alternative strategy: bullish above 133.598, target 134.020, 134.467
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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