28 Feb, 2024
5 minutes
Daily Technical Analysis February 28th 2024
1. GBP/USD Analysis:
News Summary:
The head of British Chamber of Commerce pointed out that the longer the Red Sea status quo lasts, the more obvious its impact on the British economy and society will be. Red Sea tensions will further increase inflationary pressures in the UK. Tensions in the Red Sea will further increase difficulties for British export companies. The British government needs to provide help to British exporting companies in next month's budget.
Trend Analysis:
We can see GBP/USD fluctuated and retreated, but it still ran above the 48 hours moving average, the double line and the energy column shrank near the zero axis on H4 chart. The buy limit can be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.2580]
Key Resistance Levels: [1.2770]
Pivot Points [1.2720]
2. USD/JPY Analysis:
News Summary:
Stronger-than-expected inflation data fueled speculation that the Bank of Japan will end its negative interest rate policy in the coming months, with Japan's two-year government bond yield climbing to its highest level since 2011. The probability that the BOJ will exit its negative interest rate policy before April has increased to about 81%. As other major economies, faster wage growth leads to a rise in sticky services inflation，this phenomenon is spreading in Japan.
Trend Analysis:
We can see USD/JPY fluctuated at a high level, while the MACD energy column and double line shrank near the zero axis on H4 chart. The buy limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [149.40]
Key Resistance Levels: [151.70]
Pivot Points [151.00]