USD/JPY is trading at 109.616, 0.23% down since Wednesday. The safe haven instruments spooked against the firm USD post release of U.S CPI data which showed a rise in inflation amid increasing commodity prices which may support the prospect of rate hike by FOMC in near term. On data front, the Bank Lending grew by just 4.8% lower than expectation 6.3% & the Current account surplus dropped to 1.70T from 1.84T in the previous month. Last week, the poor U.S NFP figure raises the chances of Fed keeping the interest rates lower which pushed up the other counterparts. As seen in the chart, the USD/JPY reversed upside & crossed short term Moving Averages which shows the chances of selling in JPY against the USD further.

Soybean is trading at $1626.76, 0.32% up since previous close. A remarkable rally can be seen in Soybean since last few trading sessions amid growing demand of commodities on account of global recovery from Covid-19 aftermath. However, the prices turned slightly weaker on Thursday against the firmer USD since this may affect the exporting profits for the farmers. Besides this, the change in climatic condition in Argentina affects the production & supplies of Soybean which makes the commodity more expensive. As seen in the chart, the Fibonacci Expansion tool shows the chances of further breakout if breached the Fibo level 100.0; testing the next level 161.8 i.e. 1750 levels on medium term basis.

INDIA50 is trading at 14699, 0.08% down since previous day close. The Asian shares soared down on Thursday following the selling pressure in global indices due to rising inflation fears as U.S posted a massive increase in CPI rate; almost highest in a decade. On regional front, the mounting Covid-19 cases leading to worsen the condition & affecting the GDP growth of the country makes INDIA50 to trade on lower side. However, attempts to vaccinate more and more people & providing various financial schemes by RBI Governor may remain supportive on long run. As seen in the chart, the is trading in a tight range of 14900-14500 levels which indicates the chances of further selling if global cues weakens or a reversal may be noticed.