Daily Technical Analysis Jun 13th 2024

1. GBP/USD Analysis:
News Summary:
Analysts at Swissquote Bank pointed out that if the Labor Party wins the British general election on July 4, the pound is expected to strengthen, but the trend of the pound also depends largely on the performance of the dollar. With Brexit, the fallout from former Prime Minister Truss's fiscal plans and endless infighting damaging the Conservative Party's reputation, the potential end of the usually market-friendly Tory rule is reverberating well across markets.

Trend Analysis:
We can see GBP/USD broke through and then went down, but it still ran above the 48 hours moving average. In addition, the MACD double line and energy column began to shrink downward. The sell limit could be used, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [1.2680]
Key Resistance Levels: [1.2850]
Pivot Points [1.2800]

2. USD/JPY Analysis:

News Summary:
The Bank of Japan will consider gradually reducing its holdings of Japanese government bonds at a two-day policy meeting starting on Thursday, a step towards normalizing not only interest rates but also quantitative measures. The Bank of Japan currently aims to purchase about 6 trillion yen (about 38.5 billion US dollars) per month and has informed the market of plans to purchase 4.8 trillion to 7 trillion yen of bonds per month.

Trend Analysis:
We can see USD/JPY bottomed out and returned to above the 48 hours moving average on H4 chart. On the other hand, the MACD histogram bar and double lines converged near the zero axis. The buy limit could be placed, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [156.30]
Key Resistance Levels: [158.40]
Pivot Points [156.70]