14 Feb, 2024
5 minutes
Daily Technical Analysis February 14th 2024
1. USD/JPY Analysis:
News Summary:
While focus has been on the Bank of Japan's policy normalization, the recalibration of Fed expectations over the past few weeks has pushed USD/JPY above 150. US interest rates are far more important to the pair than any small changes in Japanese policy rates or yields. As the USD/JPY exchange rate returns to above 150, the question of whether to worry about intervention will arise. But in the near future, this threat does not look particularly serious.
Trend Analysis:
We can see USD/JPY continues to fluctuate at the high level and is far away from the 48 hours moving average on H4 chart. However, the MACD energy column and the double line form a top divergence and shrinkage above the zero axis, the buy limit could be arranged, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [149.00]
Key Resistance Levels: [151.80]
Pivot Points [149.70]
2. Gold Analysis:
News Summary:
The latest data released showed that the US core CPI recorded a monthly rate of 0.4% in January, the largest increase since May last year, which almost extinguished market expectations for the Federal Reserve to cut interest rates in May. The swaps market is now fully pricing in a postponement of the FED rate cuts from June to July. With gold diving $40 below the 2,000 key mark, no single piece of data is likely to be decisive, but after recent strong jobs data, it's clear there's no urgent need to cut interest rates anytime soon.
Trend Analysis:
We can see gold tried to break but failed, it ran below the 48 hours moving average on H4 chart. In addition, the MACD double line and the energy column continued to expand downward. Gold prices have fallen below the key support level of $2,000, and if a new downward trend begins, the target will be directly towards $1,970.
Today's Key Price Levels:
Key Support Levels: [1973]
Key Resistance Levels: [2010]
Pivot Points [2000]