USD/JPY is trading at 109.902, 0.23% up since Wednesday. The safe haven currencies seem to be trading stronger against the soft USD despite hawkish FOMC Minutes stance showed on Wednesday. Also, the traders remain cautious ahead of ECB’s 18-month strategy review outcome & Chief Lagarde’s speech today. On data front, the Japan’s Current Account surplus rose to 1.87T from 1.55T in the previous month which further aided appreciation in YEN. The result of Money Stock data will remain in focus on Friday. As seen in the chart, the pair USD/JPY is strongly hovering near lower trend-line of channel pattern & show a breakdown till 109.500-109.300 levels if breaches. Buying in YEN against the USD may be suggested for the day.

Gold is trading at $1812.36, 0.29% up since previous close. The softer USD & mayhem in equity markets ahead of ECB’s 18-month strategy review outcome makes the safe haven Gold more expensive. Also, the market will be looking forward to ECB Chief Christine Lagarde speech which is to be delivered today. However, the commodity faced mild selling pressure on Wednesday after FOMC Minutes hinted for tapering down talks amid considerable recovery in economic situation. The result off U.S Jobless Claims data will remain significant for USD & commodities. Buying bias may be seen on daily basis in Gold & may test the next Fibo level of 38.2 with expected target of $1828-$1830 on short term basis.

CHNIND is trading at 9787, 0.43% down since Wednesday. A heavy sell-off can be noticed in Chinese shares on Thursday amid toughened regulatory rules over technology companies which affected the major equity markets as well. Besides this, the rising Covid-19 cases in the country further aggravate the problem. Besides this, the selling pressure in Oil prices due to no deal between OPEC+ & its allies turned out to be selling pressure in indices. The weaker than expected Chinese PMI figures shows a slowdown in industrial activity; dragging down the CHNIND. The result of CPI & PPI data will be closely monitored on Friday. As seen in the chart, the index strongly crossed down the previous lows with heavy trading volume & hence, further selling may be continued for the day.