WTI Oil is trading at $85.34, 0.02% down since previous day close. The tight range can be seen in Oil prices ahead of the Fed meeting which is to be scheduled on Wednesday; showing the interest rate decision. Last week, the U.S Baker Hughes report showed a rise in U.S rig counts by 8 leading to 599 from 591 in the previous month. Earlier, the slight upside was seen in Oil prices after Russia stopped the gas flow from Nerd Stream Pipeline 1 to Germany. The OPEC & its allies hinted for output cut in the latest meeting in order to stabilize the volatile Oil prices. The result of U.S API report will be closely monitored today. Wait & watch strategy may be adopted for the day in WTI Oil.

USD/JPY is trading at 143.157, 0.02% down since previous day close. The range bound trading can be seen in YEN against the steady USD ahead of the U.S FOMC monetary decision due on Wednesday. The Japan’s National Core CPI grew by 2.8% from 2.4% in the previous month which slightly cushioned the pair USD/JPY. The better than expected Chinese key economic data remains bullish for the pair USD/JPY since Japan & China are the trading partners. The Bank of Japan (BoJ) is to meet on Thursday focusing on interest rate decision which may remain vital for USD/JPY. As seen in the chart, the pair is trading near MA (10) which acts as crucial level; indicating the chances of bearishness if sustained & a breakout if breached downside. The cautious trading can be recommended for the day.

AUS200 is trading at 6807.3, 0.08% up since previous day close. The Asian shares slightly inches as investors seem to be gulping the aggressive rate hike stance from FOMC in the todays meet. Last week, the worst U.S inflation data led the downside in equity markets. In Australia, the number of employed people grew by 33.5K lower than expectation & also, the Unemployment Rate rose to 3.5% from 3.4% in the previous month. The result of MI leading Index data will remain in focus for the week. As seen in the chart, the index is trading near lower levels of previous lows which act as a major support level. If breached, fresh selling may be seen otherwise a buying pressure may be observed. Slight buying bias may be recommended for the day.