Daily Technical Analysis

Introduction: 

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

1. USD/JPY Analysis:  

News Summary: 

The policies of Bank of Japan are expected to continue to suppress yen, which fell to trade-weighted exchange rate in years. All of this add to inflationary pressures, so the yen is likely to drop further, while the BOJ appears to be lagging beyond and the Ministry of Finance has refrained from exchange rate intervention so far. Bank of Japan is making a policy mistake and then Japanese government bond yields will move higher.  

Trend Analysis: 

We can see USD/JPY stands firmly at the 151 mark and runs above 48 hours moving average. Since the Japanese Ministry of Finance has not intervened so far, investors continue to be bearish on the yen, and USD/JPY may rise further. As a result, the buy limit is reasonable, stop loss is compulsory.   

Today's Key Price Levels: 

Key Support Levels: [150.50] 

Key Resistance Levels: [153.00] 

Pivot Points [151.00]

2. Gold Analysis:  

News Summary: 

Inflation expectations remain high and gold price is under pressure, owing to the US dollar strengthened modestly, driven by hawkish fed. FED Chairman Powell said policymakers were unsure whether limitations on interest rates would be enough to further slow the pace of inflation. It took the yield on the benchmark ten years US government bond off one-month lows and supported the dollar, which in turn weighed on noninterest bearing gold.  

Trend Analysis: 

We can see gold continued to drop after rebounding on H4 chart. It currently fell below the 1940 mark and is still running under 48 hours moving average. On the other hand, the gold market remains under strong selling pressure and has largely ignored persistent inflationary pressures and weaker than expected consumer confidence data. Hence, the sell limit is acceptable option, stop loss is necessary.   

Today's Key Price Levels: 

Key Support Levels: [1914] 

Key Resistance Levels: [1952] 

Pivot Points [1947]