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USDJPY: high move up
2023-02-07
1168
Fundamental analysis:
USD/JPY remained volatile around 132.633, and the dovish Masakashi Amamiya is expected to become the governor of the Bank of Japan, which will increase the pressure on the yen to weaken again. Amamiya played a key role in crafting Kuroda's asset-buying plan in 2013 and has been calling for ultra-low interest rates. But he also said in July that the BOJ must "always" consider ways to exit its ultra-loose monetary policy.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the bulls’ momentum rose rapidly, the high level fluctuated upwards, the short-term bullish sentiment remained, the market’s bulls’ momentum continued to rise, the MACD indicator was in the bullish zone and the RSI indicator was hovering at a high level in the bullish zone;
Long-short turning point: 132.480
Suppression: 132.898, 133.160
Support: 132.199, 131.907
Trading strategy: Bullish above 132.480, target 132.898, 133.160
Alternative strategies: bearish below 132.480, target 132.199, 131.907
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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