Introduction: Welcome to our daily technical analysis of the financial markets, focusing today on GBP/USD and USD/JPY. Let's dissect the latest news, market trends, and crucial price levels to watch out for.
1. GBP/USD Analysis:
News Summary:
The current market focus is on the UK employment and GDP data to be released this week. Currently, the unemployment rate is expected to rise to 4.6%, which may increase market concerns about the UK economic slowdown. In addition, the average annual wage growth rate is expected to remain at 5.5%, and wage stickiness may strengthen inflationary pressure. Although the market still expects the Bank of England to keep interest rates unchanged at 4.25% at its policy meeting on June 19, short-term interest rate futures still imply an expectation of a nearly 40 basis point rate cut this year.
Trend Analysis:
We can see GBP/USD fluctuated at the high level and ran near the 48 hours moving average on H4 chart. In addition, the MACD double line and histogram bar expand downward above the zero axis. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.3400]
Key Resistance Levels: [1.3570]
Pivot Points [1.3530]
2. USD/JPY Analysis:
News Summary:
The repurchase plan proposed by the Ministry of Finance of Japan focuses on ultra-long-term government bonds of 20, 30 and 40 years, aiming to ease the pressure of yield surge caused by the imbalance between supply and demand. This move forms a policy combination with the earlier plan to cut ultra-long-term bond issuance, showing the authorities' refined adjustment of yield curve control. After the announcement, the 30-year Japanese bond yield fell from the intraday high of 2.92% to 2.89%, and the 10-year yield briefly dropped to 1.45%, and market sentiment improved significantly.
Trend Analysis:
We can see USD/JPY rebounded again and ran above the 48 hours moving average on H4 chart. Furthermore, the MACD double line and energy bar expand near the zero axis. The buy limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [143.40]
Key Resistance Levels: [145.80]
Pivot Points [144.00]
