12 Mar, 2024
5 minutes
Daily Technical Analysis March 12th 2024
1. USD/JPY Analysis:
News Summary:
Rumours that the Bank of Japan may ease policy soon shook markets, with some stock indexes falling. Earlier reports suggested that the BOJ may raise its benchmark interest rate this month. This will be the first time the BOJ has raised interest rates since 2007. In addition, the BOJ may abandon its bond-buying program after ending its negative interest rate policy. The Bank of Japan is a major source of uncertainty in traditional and crypto markets.
Trend Analysis:
We can see USD/JPY fluctuated and rebounded, while the MACD volume column and double line converged upward below the zero axis. The potential unwinding of the Bank of Japan's pro-liquidity stance and the resulting strengthening of the yen could jeopardize the yen carry trade. The buy limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [146.30]
Key Resistance Levels: [148.50]
Pivot Points [147.00]
2. Gold Analysis:
News Summary:
Gold rises and falls, after a record-breaking rally, gold price temporarily slowed their gains due to a cooling US job market and comments from Federal Reserve officials. Investors are closely watching the inflation report for further clues on the timing of a rate cut. The bullish targets are looking towards the area around 2220-2255.
Trend Analysis:
We can see gold H4 jumped and then dropped, but it was still far away from the 48 hours moving average. In addition, the MACD double line and the energy column began to converge above the zero axis. The sell limit could be placed, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [2155]
Key Resistance Levels: [2200]
Pivot Points [2187]