Daily Technical Analysis February 22th 2024

1. USD/JPY Analysis:

News Summary:

Japan's exports rose more than expected in January, providing much-needed support to the economy, and opening the door for the Bank of Japan to gradually end its negative interest rate policy. Export growth is a positive sign for the Japanese economy, which unexpectedly fell into recession in the last quarter of 2023 as domestic spending stalled. Evidence of relatively stable external demand may support the market's view that the BOJ can continue to move towards normalizing monetary policy.

Trend Analysis:

We can see USD/JPY fluctuates at a high level, while the MACD energy column and double line shrink upward near the zero axis. As a result, the buy limit could be placed, 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:

Real disposable income of Australian households will fall further before mid-2024. However, after the Labor government's new tax cut policy is implemented, its actual disposable income will increase by 1.4% to 1.5%. Tax cuts could take some pressure off Australian households, but raising household incomes in the long term will also require higher productivity growth.

Trend Analysis:

We can see AUD/USD fell and rebounded, it gradually moved away from the 48 hours moving average on H4 chart. In addition, the MACD double line and energy bar shrank near the zero axis, sell limit can be used, stop loss is mandatory.

Today's Key Price Levels:

Key Support Levels: [0.6440]

Key Resistance Levels: [0.6660]

Pivot Points [0.6590]

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