Daily Technical Analysis February 6th 2024

1. USD/JPY Analysis: 

News Summary: 

Barclays Bank said that although the market still believes that the Bank of Japan is most likely to exit the negative interest rate policy in April, the latest meeting summary seems to indicate that BOJ is strengthening its preparations for action in March. The follow-up focus will be on the communication between the Governor of the BOJ and the market. At the same time, Barclays raised Japan's GDP growth forecast for fiscal 2024 from 0.8% to 0.9%.  

Trend Analysis: 

We can see USD/JPY continues to rise above the 48 hours moving average on H4 chart. However, the MACD energy column and double line shrink above the zero axis, the buy limit can be placed, stop loss is compulsory.   

Today's Key Price Levels: 

Key Support Levels: [147.40] 

Key Resistance Levels: [149.80] 

Pivot Points [148.00]    

2. Crude Oil Analysis:  

News Summary: 

Oil price stabilized on Monday as efforts to broker a ceasefire in the Israeli-Palestinian conflict continued as the United States planned new strikes against Iran-backed groups. Crude oil fell 2% on last Friday as stronger-than-expected US jobs data suggested rate cut could be further out than expected and as progress was made in cease-fire talks between Israel and Hamas. However, investors remain wary of escalating conflicts in the Middle East.  

Trend Analysis: 

We can see crude oil touched bottom below the 48 hours moving average, and the MACD double line and energy bar formed a golden cross under the zero axis. The buying tactic could be used, stop loss is necessary.   

Today's Key Price Levels: 

Key Support Levels: [70.00] 

Key Resistance Levels: [76.00] 

Pivot Points [72.00]