12.19 Technical Scan: Micron's Earnings Report Sparks Four Major Markets, Multiple Variables Test Traders

Micron Technology Makes a Strong Debut, Chip Demand Shows Its True Colors

Micron Technology released its Q1 earnings after hours yesterday, surpassing expectations — not only did last quarter’s performance exceed analyst benchmarks, but more importantly, guidance for Q2 revenue, gross margin, and EPS all significantly beat forecasts. The company even raised its capital expenditure forecast for FY2026 from $18 billion to $20 billion. What does this reflect? Memory chip demand is far more robust than the market had imagined. This earnings report directly dispels investors’ concerns about potential slowdown in data center construction. Micron’s stock price surged to $263.65 yesterday, a 10.21% increase in a single day, maintaining a strong short-term upward trend.

Macroeconomic Positive Factors Aggregate, Risk Appetite Rebounds from Bottom

Looking back to yesterday, the US November CPI data unexpectedly declined, laying the groundwork for the Fed’s future rate cuts. Simultaneously, the Bank of Japan announced its rate hike, adding two major central bank policy signals. The overall market risk appetite is expected to rebound from lows. This macro environment shift provides a fertile ground for technical turning points.

USD/JPY: Stabilizing at 155, Rebound Potential to Be Released

USD/JPY rose 0.38% intraday on Friday, reaching a high of 156.44, a new one-week high. The key level is 155.0 — which also acts as support from the trend line connecting the high on May 13. This indicates the short-term downtrend has eased, but the overall trend is expected to fluctuate within the 155-157 range.

If USD/JPY can hold above 155.0, the rebound space opens up, potentially challenging 156.20 or even 158.0; conversely, if it breaks below 154.50, downside risk shifts toward 152.0.

Technical Levels:

• Support: 155.0, 152.0, 150.0
• Resistance: 156.20, 158.0, 160.0

EUR/USD: Bull-Bear Boundary Emerges, Downside Signals Flash

EUR/USD remained above 1.1700 on Friday, consolidating, but with downward pressure over the past three days. 1.1700 acts as the short-term bull-bear dividing line, while the AO indicator shows increasing downside momentum — a warning sign that warrants attention.

If it breaks below 1.1700, subsequent test levels are 1.1630 and 1.1500; but if it stays above 1.1700 and can hold above 1.1630, the medium-term target remains at 1.2.

Technical Levels:

• Support: 1.1700, 1.1630, 1.1500
• Resistance: 1.1800, 1.1900, 1.2000

Gold: $4350 Becomes a Decisive Level

Gold held above $4300 on Friday, consolidating, with a doji star candlestick overnight, indicating market indecision. Currently, gold faces resistance at $4350; to continue upward, a clear breakout above this level is necessary.

If the rally is blocked at $4350, a retreat to test $4220 is likely; a breakout above $4350 could see further challenge to previous highs at $4381 and even $4400.

Technical Levels:

• Support: 4300, 4220, 4160
• Resistance: 4380, 4400, 4500

Micron Technology: Uptrend Intact, $280 Is Not a Dream

Micron surged and then pulled back on Thursday, ultimately closing up 10.21%, with a high of $263.65. Notably, the stock is currently in an uptrend, and the overnight breakout suggests a potential to break the consolidation phase in the short term, with room for further gains.

If Micron can hold above $245 support, the rebound could extend toward $280; if it falls below $220, caution is warranted for a trend reversal.

Technical Levels:

• Support: 245, 220, 200
• Resistance: 264, 280, 300

Trader’s Note: With Micron’s earnings, central bank policies, and technical positions all converging, market volatility may remain high this week. The key levels for the four trading instruments are listed above. The premise for responding to changes is to hold support; only a break of resistance signals a true trend reversal.