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USD/JPY Dips, US30 Falls on Rising Yields, Silver Hits 12-Year High Amid Geopolitical Tensions.

By Research Team Tuesday, Oct 22, 2024
USDJPY

    • 9:10D1
    • High150.87
    • Low149.07
    • Close150.61

USD/JPY is trading at 150.945, 0.2% down since previous day close. The yen’s trade-weighted value has dropped to a record low of 53.06 since July, compared to the prior slump. The Bank of Japan plans to reduce bond purchases but not halt them, and plans to continue buying in 2026. Japan’s interest rate is expected to rise to around 0.6% by the end of next year. The rally following intervention and policy changes in July caused less restraint on the yen’s drop and increased speculation.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 152.60
R2 152.15
R1 151.94
Turnaround 150.45
S1 149.75
S2 149.23
S3 148.90
By Research Team Tuesday, Oct 22, 2024
US100

    • 9:15AMD1
    • High20415
    • Low20206
    • Close20380

US100 is trading at 20331, 0.41% down since previous day close. Wall Street’s main indexes are expected to dip on Monday following a rally, with major earnings reports potentially influencing whether indexes retreat from record highs or sustain momentum. Benchmark 10-year Treasury yields rose as high as 4.13%, pressuring growth stocks. Risks such as rising geopolitical tensions, Treasury yield gains, and volatility ahead of the upcoming U.S. presidential election are pressuring equities.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 20550
R2 20476
R1 20428
Turnaround 20295
S1 20185
S2 20105
S3 20045
By Research Team Tuesday, Oct 22, 2024
SILVER

    • 9:30AMD1
    • High34.26
    • Low33.44
    • Close33.83

SILVER is trading at 34.05, 1.97% UP since previous day close. Silver’s price reached $34 per ounce, its highest level in 12 years, driven by uncertainties around the US election, Middle East tensions, and monetary easing bets. Expectations of stronger industrial demand for silver, a key component in solar panels, also boosted prices. China’s stimulus measures, including lowering loan prime rates and potentially lowering reserve requirements, have also boosted prices.

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Daily Outlook

SILVER

Intra Day
Near Day

Technical Levels

R3 34.80
R2 34.67
R1 34.35
Turnaround 33.90
S1 33.35
S2 33.08
S3 32.80
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