USD/JPY is trading at 131.092, 0.06% down since previous day close. The YEN slightly weakened in early trade on Wednesday after Bank of Japan (BoJ) kept its interest rate unchanged at -0.10% & maintained yield curve control as well. However, the pair tested higher levels of 130.00 last week against the soft USD as global sentiments improved over chances of smaller interest rate hikes in the next Fed meeting. Improving Chinese economic conditions cushioned the pair USD/JPY since Japan & China are the trading partners. The market will be looking forward to the outcome of Japan’s Trade Balance figures on Thursday. Buying bias may be suggested in YEN against the USD as the pair can breach out the major Fibo level 61.8.

GER30 is trading at 15264.8, 0.06% up since previous close. The global indices surges up against the soft USD as trader hopes for smaller rate hike stance in the next Fed meet which is due in the month of February. Ongoing corporate earnings further contributes positive outlook in equity markets. The German ZEW Economic Sentiment rose to 16.9 from -23.3 in the previous month which further boosted the index GER30. Globally, an easing down of restrictions in China & revival of economic conditions pushed up the indices on larger extent. The result of Final CPI data will remain in focus for the day. Buying on lower side may be recommended for the day since the index successfully crossed over the major resistance of previous highs which signals for strong breakout if breached.

Silver is trading at $23.933, 0.03% down since previous close. The slight correction can be seen in Silver prices after testing the recent highs of $24 levels in the last week. The better Chinese GDP figures & opening up of Chinese restrictions & lockdowns led a buying bias in Silver since this may revive consumption demand of industrial metal from China, one of the top metal consuming countries. Majorly, the soft USD on an account of rising chances of U.S smaller rate hikes in near term & improving labor data; turned out to be bullish for precious metals. Buying on dips may be recommended for the day in Silver since the commodity seems to be taking support of MA (100) & short term MA (10) & MA (20).