Daily Technical Analysis

Introduction: 

Welcome to our daily technical analysis of the financial markets, focusing today on USD/JPY and Crude Oil. Let's dissect the latest news, market trends, and crucial price levels to watch out for.  

1. USD/JPY Analysis: 

News Summary: 

The yen strengthened after Japanese core consumer price growth accelerated in October, as Japanese government bonds appear to have stabilized. Then if wage growth continues to increase next year, the Bank of Japan will start raising interest rate for the first time in the second quarter of 2024. Above views represent a relatively common opinion in the market, but the slow progress of BOJ in ending its monetary stimulus policy has made investors hesitate.  

Trend Analysis: 

We can see USD/JPY is still in a narrow range consolidation trend. In short term, the upper level of 149.00 constitutes initial resistance, and further resistance is at 150. If price breaks through the above resistance levels, the upper double top pattern will become invalid. On the contrary, if the upward breakthrough after consolidation fails, the USD/JPY is expected to drop further. Based on current technical structure, buy limit is useful option, stop loss is necessary.   

Today's Key Price Levels: 

Key Support Levels: [147.00] 

Key Resistance Levels: [150.00] 

Pivot Points [149.00]

2. Crude Oil Analysis:  

News Summary: 

OPEC+ representatives said Saudi Arabia has been unilaterally cutting production by 1 million barrels per day since July and is now seeking further support from OPEC+. The Saudi proposal comes as OPEC faces difficult negotiations. Delegates said producers were moving toward a compromise before the weekend but had not yet reached an agreement. JPMorgan pointed out that OPEC+ may further cut production, if OPEC does not do so, oil prices may fall further.  

Trend Analysis:

Crude oil fluctuated low after failing to break through on H4 chart, MACD histogram bar and double lines spreads downward again near the zero axis. Oil market may struggle to rebound ahead of the OPEC+ virtual meeting on November 30 as bearish sentiment grows. In addition, rising US oil production is pushing up supply, while slowing global economic growth is clouding the demand outlook. Speculators are building short positions in crude oil; the sell limit is reasonable tactic under current situation, stop loss is mandatory.   

Today's Key Price Levels: 

Key Support Levels: [72.00] 

Key Resistance Levels: [78.00] 

Pivot Points [76.00]