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USDJPY: high level consolidation pullback
2022-08-24
1201
Fundamental analysis:
The USD / JPY fluctuated around 136.741. Investors now clearly expect that US Federal Reserve Chairman Powell will send a relatively hawkish message in Jackson Hole on Friday. Risk aversion and the hawkish tone of the US Federal Reserve will perfectly combine, and the US dollar will rise. Before the annual meeting in Jackson Hole, the US dollar / JPY is expected to maintain the rhythm of fluctuation and rise.
US dollar and Japanese yen USDJPY - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the Bulls' power maintained a shock rise, the high level retreated in the short term, and the market bears' power began to wait for the opportunity to enter the market. The MACD index was in the high weak downward trend of the Bulls' region, and the RSI index was in the 50 balanced online side;
Long and short turning point: 136.919
Pressing position: 137.305, 137.739
Support position: 136.320, 135.978
Trading strategy: bearish below 136.919, target 136.320, 135.978
Alternative strategy: bullish above 136.919, target 137.305, 137.739
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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