17 Oct, 2024
5 minutes
Daily Technical Analysis：GBP/USD、USD/JPY
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 pound tumbled on Wednesday after data showed British inflation fell sharply more than expected and key price indicators watched by the Bank of England also fell, underpinning investors' aggressive bets on the path to cutting interest rates. According to data released by the Office for National Statistics, the consumer price index (CPI) fell to 1.7% in September from 2.2% in August, lower than the Bank of England's 2% target level and economists' consensus forecast of 1.9%. It is the lowest level since April 2021.
Trend Analysis:
We can see GBP/USD has rebounded from a low level but is still running below the 48 hours moving average. On the other hand, the MACD double line and energy bar converges below the zero axis. The sell limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.2880]
Key Resistance Levels: [1.3090]
Pivot Points [1.3030]
2. USD/JPY Analysis:
News Summary:
Japan's Deputy Chief Cabinet Secretary said on Wednesday that the government will draft a stimulus plan that is larger than last year's stimulus package. The government aims to provide a spending package through a supplementary budget that will exceed last year's 13 trillion yen. The massive spending will make Japan an outlier among developed countries that have largely phased out stimulus measures in crisis mode. The Bank of Japan is raising interest rates from near zero, which will increase the cost of financing Japan's public debt.
Trend Analysis:
We can see USD/JPY H4 level fluctuates and hovers above the 48 hours moving average. In addition, the MACD energy column and double line is expanding above the zero axis. The buy limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [148.30]
Key Resistance Levels: [151.40]
Pivot Points [149.00]