The hawkish stance of the Federal Reserve and the market's optimistic sentiment regarding a potential Sino-US trade agreement have driven the overall strength of the US dollar. The Federal Reserve's suspension of interest rate cuts and the absence of hints of near-term rate cuts have enhanced the attractiveness of the US dollar, providing support for the upward movement of the USD/JPY exchange rate. On the four-hour chart, the Marlin oscillator has reversed downward from the zero line, which coincides with the reversal on the daily chart, forming a strong reversal pattern. The price is testing the support of the MACD line and the key level of 143.45. If the daily candlestick closes below the 143.45 level, it will open the path for a decline towards 141.70 and even the lower boundary of the price channel near 139.50. If the closing price is higher than yesterday's high of 144.00, it is likely to rise towards 144.75, with a long-term target of 145.91. Considering the actual closing price of 145.0930, the upward scenario has been activated. In addition, the MACD indicator shows that the bullish momentum has been somewhat restored, but it is still in the initial stage of the rebound. The RSI indicator remains above 45 and has not entered the strong area, indicating that the current exchange rate is in the stage of consolidation and accumulation of momentum. Although there has been a certain upward movement in the short term, the overall strength of the bulls and bears has not reached an obviously strong state.
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You❗️CAN and ❗️SHOULD make money in trading!
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Join me, I'll guide you to PROFITABLE TRADING💵!
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