Daily Technical Analysis February 8th 2024

1. USD/JPY Analysis: 

News Summary: 

PIMCO said the Bank of Japan may bid farewell to its negative interest rate policy as early as March and raise interest rate multiple times this year. As the only central bank in the world that still adheres to negative interest rates, the BOJ is expected to raise its benchmark interest rate to 0% in March or April and to 0.25% by the end of the year. Higher wage growth could create persistent inflation in the economy, creating favourable conditions for an end to negative interest policy.  

Trend Analysis: 

We can see USD/JPY fluctuated and retreated; it came to near 48 hours moving average on H4 chart. In addition, the MACD volume column and double line expanded upward near the zero axis. Buy limit could be used, stop loss is necessary.   

Today's Key Price Levels: 

Key Support Levels: [147.20] 

Key Resistance Levels: [150.00] 

Pivot Points [147.70]    

2. Gold Analysis:  

News Summary: 

Gold struggled to find clear direction as investors awaited comments from Federal Reserve officials this week to gauge when US interest rate cut might begin. Gold stopped its two-day falling trend yesterday and successfully stood above $2,030. The price of gold is currently fluctuating around $2,035, with an increase of more than 0.5% on the previous trading day. The probability of a rate cut in March is currently projected at 21.5%, compared with 68.1% at the beginning of the year.  

Trend Analysis: 

We can see gold fluctuated near the 48 hours moving average. In addition, the MACD double line and the energy bar expanded upward after the golden cross. As the market continues to reduce expectation for the FED to cut interest rates in March, gold is forced to test low support.   

Today's Key Price Levels: 

Key Support Levels: [2008] 

Key Resistance Levels: [2050] 

Pivot Points [2040]