USDX
104.155

0.34%

XAUUSD
1823.84

0.66%

WTI
109.262

0.90%

EURUSD
1.04370

0.23%

GBPUSD
1.22520

0.08%

USDJPY
129.082

0.10%

USNDAQ100
12280.54

0.69%

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      USDJPY: Official's Verbal Intervention to Stop the Yen from Falling Further

      Summary:

      The plunge in the yen's exchange rate stopped after verbal intervention by a Japanese official.

      Sell USDJPY CLOSED
      EXP

      128.580

      ENTRY PRICE

      127.030

      TGT PRICE

      129.500

      SL PRICE

      129.082 -0.124 -0.10%

      985

      Points

      Profit

      127.030

      TGT PRICE

      TARGET UNREACHED

      127.595

      CLOSING PRICE

      128.580

      ENTRY PRICE

      129.500

      SL PRICE

      Fundamentals

      The hawkish stance of the U.S. Federal Reserve and the dovish stance of the Bank of Japan pushed USD/JPY to nearly 20-year highs. But it is worth noting that there was a small pause in the yen's plunge after the verbal intervention by Japanese Finance Minister Shinichi Suzuki. Japan and the U.S. may also discuss the idea of coordinated intervention in currency markets at a bilateral meeting of financial leaders to stop the yen from falling further. If the intervention does occur, there could be a sharp correction in the USDJPY within a short period.
      Although the market generally expects the USDJPY to rise to 130 in the future, there is also a certain risk of profit-taking retracement after the short-term exchange rate keeps moving higher. In addition, the increased tension in the Russia-Ukraine war and the negative sentiment of falling stocks prices around the world have some support for the safe-haven yen.

      Technical Analysis

      USDJPY: Official's Verbal Intervention to Stop the Yen from Falling Further_1
      In the 1D chart, USDJPY has been surging and has hovered around 128.0 for many days. The indicator RSI is in the overbought area and shows a bearish divergence pattern. The USDJPY can fall into consolidation in the short term.
      USDJPY: Official's Verbal Intervention to Stop the Yen from Falling Further_2
      Looking at the 4H timeframe, the USDJPY is somewhat stagnant at highs. The USDJPY exchange rate is almost flat in the face of further dollar gains. Indicator RSI has left the overbought area and moves lower. The price has the need to correct downward after the short-term surge.
      You can go short at highs. It is recommended to create short positions after the price rebounds to around 128.6. The short-term target is in the lower support level near the 127.0 mark, and the stop loss can be set at 129.4.
      Support: 127.73/127.00
      Resistance: 129.40/130.00
      Risk Warnings and Investment Disclaimers
      You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.

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      More comprehensive macro data and economic indicators

      Members have access to entire historical data, guests can only view the last 4 years

      Member-only Database

      Comprehensive forex, commodity, and equity market data

      Winkelmann

      analyst

      7 years of stock market, foreign exchange, precious metal and other trading and analysis experience, based on fundamental, technical support, biased towards the top-down transaction logic, focusing on macro cycle and risk control, multi-purpose supply and demand theoretical prediction price Changes, balances the impact of transactions, chips distribution and market sentiment, and steady.

      Rank

      2

      Articles

      108

      Win Rate

      68.42%

      P/L Ratio

      3.91

      Most Traded Assets

      AUDUSD、USDJPY、NZDUSD

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