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Daily Technical Analysis: [23 APR]

10 hours ago TMGM


1. USD/JPY Analysis:

News Summary:

From a fundamental perspective, the persistent weakness of the Japanese yen is still driven by a combination of external conditions and domestic policy factors. Uncertainty in the Middle East continues to exert an indirect impact on Japan’s economy. As Japan is highly dependent on energy imports, the Strait of Hormuz—through which roughly 20% of global seaborne crude oil passes—remains a critical chokepoint. Any disruption to this route would significantly raise Japan’s import costs and intensify inflationary pressure. This expectation undermines the stability of the yen, keeping it on the weaker side in the current environment.

 

Trend Analysis:

On the H4 chart, we can see USD/JPY is showing a choppy rebound and is trading above the 48 hours moving average. Meanwhile, the MACD double line and histogram bars are expanding around the zero axis. The buy limit could be placed, stop loss is necessary.

 

Today's Key Price Levels:

Key Support Levels: [158.70]

Key Resistance Levels: [160.50]
Pivot Points [159.00]

 

2. Gold Analysis:

 

News Summary:

TD Securities noted that elevated oil prices are a key reason why gold has struggled to sustain upward momentum. As inflationary pressures intensify, the Federal Reserve is more likely to keep interest rates higher for longer. Money markets currently expect the Fed to hold rates steady through 2026, while speculators are pricing in the first rate cut around July 2027. Meanwhile, the situation in the Middle East remains highly unstable and uncertain.

 

Trend Analysis:

We can see gold on the H4 chart is showing pullback and is trading below the 48 hours moving average. In addition, the MACD double line and energy bars are expanding below the zero axis. The buy limit could be set, stop loss is compulsory.

 

Today's Key Price Levels:

Key Support Levels: [4620]

Key Resistance Levels: [4770]

Pivot Points [4650]