16 Feb, 2024
5 minutes
Daily Technical Analysis February 16th 2024
1. USD/JPY Analysis:
News Summary:
Investors are hedging against the risk of further depreciation of the yen and possible intervention by Japanese authorities in the currency market, pushing open interest in yen futures to a six-year high. Data showed that open interest in yen futures exceeded levels seen before a series of intervention measures by Japanese authorities in late 2022. With the yen slipping below 150 and in danger of falling to 1990 levels, Japanese monetary official said authorities remained prepared to take appropriate measures if necessary.
Trend Analysis:
We can see USD/JPY rebounded after pulling back from the high, while the MACD energy column and double line converged above the zero axis. The yen's appreciation was limited as government data showed Japan's economy was in recession, hence, the buy limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [149.00]
Key Resistance Levels: [152.00]
Pivot Points [149.70]
2. AUD/USD Analysis:
News Summary:
Australian hiring rose slightly in January while the unemployment rate climbed to a two-year high, underscoring the country's cooling labor market and prompting bets the Reserve Bank of Australia will cut interest rates sooner. The RBA last week kept its benchmark interest rate at a 12-year high of 4.35% and warned that it would not rule out another rate hike. But inflation data for January will help influence the RBA policy decision at its March meeting, with money markets betting that a rate cut will be the next step.
Trend Analysis:
We can see AUD/USD fell back after rising and gradually approached the 48 hours moving average on H4 chart. The MACD double line and energy bar converged downward near the zero axis. The sell limit could be placed, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [0.6400]
Key Resistance Levels: [0.6630]
Pivot Points [0.6570]