USD/JPY is trading at 107.704, 0.38% up since Friday. The Japanese YEN strengthened as against the USD as market remains cautious ahead of FOMC meeting wherein an interest rate has been expected to left unchanged but concern will remain towards future approach over momentary policy. The falling bond yields & rising equity markets amid inflation concern remains supportive for USD/JPY. The Japan’s SPPI rate grew by 0.7% against no change expectation. The outcome of BoJ meet which is to be held on Tuesday will be closely monitored. As seen in the chart, the pair is constantly testing major resistance level; sustaining the same indicates strong buying in YEN against the USD on daily basis.

Coffee is trading at $138.58, 0.52% up since previous close. The Coffee prices moves up since last few trading sessions amid soft USD & strong Brazilian Real (BRL); for it fetches more profits to Brazilian farmers while exporting the beans to U.S. Also, the changing climatic conditions Brazil affecting the Coffee production & supplies; makes the commodity more expensive as Brazil is a top producer of the beans. Apart from this, the lockdowns in few countries amid rising Cvodi-19 cases increases the demand of consumer goods & products which further pushes up prices. Further buying may be established in the commodity if it breaches the current level of major resistance of $139.00.

US30 is trading at 33973, 0.21% up since Friday. The U.S markets regained the momentum on Monday after weakening to some extent last week after U.S Joe Biden proposed to raise the taxation rates for the wealthiest Americans to almost 40% in order to serve social plans. The chances of strong global recovery & adopting accommodative monetary policy by almost all the banks remain supportive factors for global indices. The better than expected PMI figures further pushed up the US30. The traders will be eying upcoming Fed meet which is to be concluded on Wednesday. As seen in the chart, the index is consistently trading in the bullish channel pattern & hence, buying on corrective dips may be recommended on an intraday basis.