05 Mar, 2024
5 minutes
Daily Technical Analysis March 5th 2024
1. USD/JPY Analysis:
News Summary:
Japan's capital expenditure data showed a sharp increase in business investment amid a strengthening demand environment. Market analysis points out that the significant rise in wages in Japan and the weakening labour market conditions in the United States may tilt monetary policy towards the yen. Japan's capital spending data piqued investor interest on Monday. Stronger than expected data may also arouse the interest of the Bank of Japan.
Trend Analysis:
We can see USD/JPY continues to fluctuate, while the MACD volume column and double lines shrink near the zero axis on H4 chart. Based on technical structure, the buy limit could be placed, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [149.00]
Key Resistance Levels: [151.80]
Pivot Points [149.70]
2. Crude Oil Analysis:
News Summary:
OPEC+ members agreed on Sunday to extend a voluntary production cut of 2.2 million barrels per day into the second quarter. While OPEC+ is widely expected to continue production cuts, Russia's announcement could further boost oil prices. Saudi Arabia said it would extend a voluntary production cut of 1 million barrels per day until the end of June, keeping its output at around 9 million barrels per day.
Trend Analysis:
We can see crude oil fell back after failing to break through on H4 chart, it ran below the 48 hours moving average. In addition, the MACD double line and the energy column spread downward. The sell limit could be arranged, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [76.00]
Key Resistance Levels: [81.00]
Pivot Points [79.70]