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USDJPY: Reversal moves up
2023-02-13
1103
Fundamental analysis:
USD/JPY remained volatile around 131.505 as the Japanese government plans to submit nominations for the new governor and two vice-presidents of the Bank of Japan to parliament on February 14. The appointment is being closely watched by markets as the new governor's agenda will be scrutinized to determine how quickly the central bank can wind down its massive stimulus.
US dollar yen USDJPY - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the short-term wide-range shock, the low V-shaped reversal moves upward, and the bullish sentiment in the market begins to emerge. The MACD indicator is hovering weakly above the 0 axis, and the RSI indicator is weakly finishing above the 50 balance line;
Long-short turning point: 131.387
Suppression: 131.781, 132.053
Support: 131.115, 130.852
Trading strategy: Bullish above 131.387, target 131.781, 132.053
Alternative strategy: bearish below 131.387, target 131.115, 130.852
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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