Daily Technical Analysis February 12th 2024

1. USD/JPY Analysis:

News Summary:

Analysts at Deutsche Bank pointed out that the dollar is likely to remain strong against the yen as the Bank of Japan has no reason to turn hawkish and Japanese investors are heavily investing in carry trades. The Japanese government and wealthy citizens are engaged in a massive $20 trillion carry trade. Low domestic real interest rates create more fiscal space for governments and keep carry trades profitable.

Trend Analysis:

We can see USD/JPY H4 level oscillates at high level and begins to approach the 48 hours moving average. In addition, the MACD energy column and the double line form a top divergence near the zero axis. The buy limit could be placed, stop loss is necessary.

Today's Key Price Levels:

Key Support Levels: [148.00]

Key Resistance Levels: [150.50]

Pivot Points [148.70]

2. Gold Analysis:

News Summary:

Recently, the benchmark 10-year US Treasury bond yield has risen to its highest point in two weeks, and the two-year Treasury bond yield has also hit a nearly two-month high, which makes non-interest-bearing gold relatively less attractive to investors. Investors are awaiting US inflation data this week for more clues on the timing of a rate cut by the Federal Reserve. The Federal Reserve is in no hurry to change its current long-term higher monetary policy stance, which has significantly weakened the bullish momentum in the gold market.

Trend Analysis:

We can see gold fluctuated above the 48 hours moving average after failing to rebound. In addition, the MACD double line and histogram bar shrank again. The bullish momentum in the gold market has gradually faded. The sell limit can be used, stop loss is compulsory.

Today's Key Price Levels:

Key Support Levels: [2000]

Key Resistance Levels: [2040]

Pivot Points [2012]

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