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USDJPY: Low position dip
2022-11-14
1123
Fundamental analysis:
The US dollar remained volatile against the Japanese yen at 138.475, and the Japanese authorities warned of possible intervention in the foreign exchange market. Japanese Finance Minister Shunichi Suzuki said that the authorities are closely following the market trend with a high sense of urgency and are ready to take action when necessary. This echoes the remarks made earlier by the Japanese Vice Minister of Finance, Shinzo Kaneda.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that after the momentum of short sellers fell sharply, the low level continued to dip, and the short-term decline did not stop. The market short sellers' sentiment was good. The MACD index was in the low position of the short sellers' area and the RSI index was hovering near the 15 equilibrium line of the oversold area in the short sellers' area;
Empty turning point: 138.783
Pressing: 139.468, 140.121
Support: 137.902, 137.422
Trading strategy: 138.783 lower bearish, target 137.902, 137.422
Alternative strategy: bullish above 138.783, target 139.468, 140.121
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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