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USDJPY: Climbing higher
2023-04-11
929
Fundamental analysis:
USD/JPY remained volatile around 133.596. Kazuo Ueda, the new Governor of the Bank of Japan, took office, but the road ahead for him was not smooth. The slowdown in global economic growth cast a shadow over the prospects for continued recovery in inflation and wages. And rising inflation and wages are a prerequisite for phasing out his predecessor's controversial monetary stimulus.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the momentum of the bulls has risen rapidly, and after breaking through the previous high node in the short term, it began to fluctuate. The bullish sentiment in the market remains, the MACD indicator is in the 0-buy area and slowly rising, and the RSI indicator is hovering weakly above the 50 balance line;
Resistance levels: 133.853 134.057
Support: 133.226 133.014
Trading strategy: Bullish above 133.475, target 133.853 134.057
Alternative strategy: bearish below 133.475, target 133.226 133.014
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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