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USDJPY: Bulls soar
2023-04-30
896
Fundamental analysis:
USD/JPY remained volatile around 136.251. The Bank of Japan canceled its forward-looking guidance on the benchmark interest rate, but the guidance on the overall policy stance has not been cancelled. It still hinted that policy easing could be adopted if necessary. This is the most benign and believable change to emerge. Basically no one really considered the prospect of key interest rates falling further into negative territory.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum has risen strongly, the short-term bullish sentiment is shrouded, and the market has not yet shown signs of stopping. The MACD indicator is in the bullish zone and continues to rise, and the RSI indicator is in the bullish zone.
Resistance levels: 136.467 136.725
Support levels: 135.869 135.602
Trading strategy: Bullish above 136.111, target 136.467 136.725
Alternative strategy: bearish below 136.111, target 135.869 135.602
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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