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USDJPY: Short position plummets
2022-11-11
1240
Fundamental analysis:
The US dollar remained volatile against the Japanese yen at around 140.560, and Japan has made some achievements in foreign exchange intervention. Japanese officials kept quiet about the first intervention since September, to some extent leaving traders unaware of their plans. The Japanese government has also taken clear action to show foreign traders that they cannot attack the yen at will.
USD and JPY - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the power of short sellers has dropped rapidly, and the low price has continued to move downward. The market short sellers are in a good mood. The MACD indicator continues to decline in the short area, and the RSI indicator remains in a low position in the short area;
Empty turning point: 140.782
Pressing: 141.180, 142.162
Support: 139.847, 139.210
Trading strategy: 140.782 lower bearish, target 139.847, 139.210
Alternative strategy: bullish above 140.782, target 141.180, 142.162
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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