Daily Technical Analysis April 10th 2024

1. USD/JPY Analysis:
News Summary:
The governor of the Bank of Japan left the possibility of further tapering monetary easing, a move to avoid appearing dovish as the yen hovers near 34-year lows. Bank of Japan will consider raising its inflation forecast. If inflationary pressures increase, this issue will be carefully considered at each policy meeting based on emerging data. Yen investors remain highly vigilant about Japan's possible currency intervention.

Trend Analysis:
We can see USD/JPY fluctuates at a high level and runs near the 48 hours moving average on H4 chart. On the other hand, the MACD histogram bar and double line are oscillating above the zero axis. The buy limit could be arranged, stop loss is compulsory.

Today's Key Price Levels:
Key Support Levels: [150.70]
Key Resistance Levels: [152.80]
Pivot Points [151.20]

2. Crude Oil Analysis:

News Summary:
Oil prices fell for a second day on Tuesday as ceasefire talks in Gaza continued, but losses were limited as Egyptian and Qatari mediators encountered resistance in their pursuit of a ceasefire. The latest API crude oil inventory report series showed that US crude oil inventories increased by 3.03 million barrels last week, while gasoline inventories fell by 600,000 barrels, marking the seventh consecutive week of declines. Investors need to pay attention to the EIA crude oil inventory series reports.

Trend Analysis:
We can see the H4 level of crude oil peaked and then fell, it ran below the 48 hours moving average. Moreover, the MACD double line and energy column expanded near the zero axis. The sell limit could be used, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [83.00]
Key Resistance Levels: [87.50]
Pivot Points [86.00]