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USDJPY: high move up
2023-02-15
1031
Fundamental analysis:
USD/JPY remained volatile around 133.026, with the Bank of Japan, under the leadership of Kazuo Ueda, likely to raise interest rates before the fourth quarter. He said Kazuo Ueda may take action between October and December as domestic inflation picks up pace, at which point the yen may benefit and the exchange rate against the U.S. dollar may rise to around 120 from the current level of around 132.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is fluctuating and rising at a high level, the market bullish sentiment is emerging, and there is a trend of continuing to move upward in the short term. The MACD indicator is in the bullish zone and maintains consolidation, and the RSI indicator is in the bullish zone and is slowly rising;
Long-short turning point: 132.868
Suppression: 133.267, 133.542
Support: 132.583, 132.289
Trading strategy: Bullish above 132.868, target 133.267, 133.542
Alternative strategy: bearish below 132.868, target 132.583, 132.289
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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