USD/JPY is trading at 139.587, 0.02% down since previous day close. The tight range can be observed in USD/JPY against the steady USD as traders waits for the U.S CPI data release event & FOMC meeting with a suspicious view over interest rate hike decision. The Japan’s PPI rate grew by 5.1% lower than prior figure 5.9% & the Money Stock grew by 2.7% from 2.6% in the previous month. Earlier, the currencies gained after U.S President Joe Biden signed a debt ceiling bill into law over the weekend. The focus will be on BoJ’s meet which is to be held later in this week. As seen in the chart, the pair USD/JPY successfully crossed over the ascending channel pattern & seems to be taking a support of short-term Moving Averages. Slight selling bias may be seen in YEN against the USD.

US30 is trading at 33915.3, 0.18% up since previous close. The mixed momentum can be seen in U.S markets amid upcoming inflation data release & Fed meeting with a focus on interest rate decision. The fear looms over FOMC meeting as better-than-expected U.S Non-farm Payroll figures can revive the rate hike stance. Earlier, the U.S President Joe Biden signed a debt ceiling bill to avert $31.4 trillion worth of debt repayment till January, 2025 over the weekend which turned out to be positive for US30. The result of Federal Budget Balance data will remain in focus for the day. As seen in the chart, the index showed a slight reversal from short-term Moving Averages of period 10 & 20 which indicates the chances of buying momentum on intraday basis in US30.

WTI Oil is trading at $69.34, 0.09% down since previous day close. The gains seen in Oil prices in last week turned into losses on Monday as traders remain cautious ahead of U.S CPI data release & FOMC meeting since this will determine the trend in USD. Also, the slowing consumption demand from China & Russian over-supply concern further led selling bias in Oil prices. Last week, the Saudi Arabia announced a supply cut for the year 2024 starting from the month of July of 9 mbpd in its OPEC+ meeting. The market will be looking forward to the result of U.S API & EIA reports this week. Slight selling bias may be recommended for the day in WTI Oil since the commodity reversed down from major resistance level.