GBP/JPY is trading at 158.105, 0.11% down since previous day close. The consolidation phase can be seen in GBP/JPY amid mixed sentiments amongst the traders & investors. The strong USD post release of robust U.S NFP data which showed a progress in employment figures in the last month turned out to be negative for other currencies. This may lead to higher chances interest rate hikes in next FOMC meeting. The Japan’s Current Account surplus dropped to 1.18T from 1.92T in the previous month. The focus will be U.S Biden’s State of the Union speech today. As seen in the chart, the pair is trading near MA (100) which proves to be a make or break point. Slight buying may be noticed in the pair GBP/JPY only on an intraday basis.

INDIA50 is trading at 17773.3, 0.06% down since previous close. A tight range can be seen in INDIA50 as traders remain cautious ahead of RBI MPC monetary policy outcome with a hope of 25bps rate hike stance. On Wednesday, the FOMC Powell showed mixed view over future rate hikes plan & emergence of deflation which further failed to create any major effect on indices. Besides this, the market will be looking forward to the U.S Biden’s State of the Union speech due today. Regionally, the mayhem amid ongoing Gautam Adani’s rout led heavy selling pressure in INDIA50. As seen in the chart, the index is strongly trading near Fibo level 61.8 which indicates either side breakout on daily basis. Wait & watch strategy may be suggested for the day in INDIA50.

WTI Oil is trading at $77.28, 0.12% up since previous day close. The Oil prices retains its upward momentum post release of U.S American Petroleum Institute (API) report which showed a fall in Oil stocks level by 2.184 mbpd against the expected rise of 2.150 mbpd. Also, an increase in consumption demand from China further pushed up the prices since China is a major consumer of Oil. However, the focus will be on today’s U.S Energy Information Administration report which will show the changes in Oil inventory level. The resurgence in USD amid strong U.S NFP data & higher chances of rate hike stance in next Fed meeting led selling pressure in Oil prices last week. Slight buying may be noticed for the day in WTI Oil.