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USDJPY: Bears tumble sharply
2023-04-05
921
Fundamental analysis:
With USD/JPY hovering around 131.727, BOJ watchers are likely to weigh very carefully every word from the new BOJ officials and try to read from it whether they will see a change in direction. The next interest rate decision will be held at the end of this month, which is also the first meeting of the Bank of Japan after the change of leadership, so there is still time to prepare for the yen to rise.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen sharply, the short-term decline may continue, the market as a whole is in a bearish downward trend, the MACD indicator is hovering around the 0 axis, and the RSI indicator is below the 50 balance line.
Resistance levels: 132.108 132.364
Support levels: 131.499 131.394
Trading strategy: bearish below 131.860, target 131.499 131.394
Alternative strategy: Bullish above 131.860, target 132.108 132.364
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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