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Yen Surges on Hawkish BoJ, US Futures Drop as Nvidia Plummets 20%, Oil Below $73.50 on China and Libya Concerns.

By Research Team Wednesday, Sep 4, 2024
USD/JPY

    • 11.30amD1
    • High145.5400
    • Low144.8700
    • Close145.1600

USD/JPY is trading at 145.18, 0.13% down since previous day close. Since the Jibun Bank Services PMI data was released on Wednesday, the (JPY) has been strengthening vs the (USD). After being first estimated at 54.0, the index was corrected to 53.7 in August. Despite this, the service sector has expanded for seven straight months. The RSI crosses 41, which indicates a negative trend, according to the daily chart analysis. The nearest support is at 143.37, while the closest resistance is at 147.20.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 150.9400
R2 149.3900
R1 147.2000
Turnaround 145.9500
S1 143.3700
S2 141.5800
S3 140.0900
By Research Team Wednesday, Sep 4, 2024
US100

    • 11.35amD1
    • High18944.00
    • Low18787.00
    • Close18844.00

US 100 is trading at 18843, 0.61% down since previous day close. The Information Technology and Energy industries lead the largest one-day decline in Nvidia’s history. The important U.S. jobs report, which is expected to shed light on the state of the American economy, is coming on Friday, and investors are waiting impatiently for it. Technical analysis indicates that, when taking a wider view, the market is going below the 50-day moving average, pointing to a bearish trend. 18546 is the nearest support.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 20408.00
R2 19947.00
R1 19628.00
Turnaround 19494.00
S1 18546.00
S2 18286.00
S3 17720.00
By Research Team Wednesday, Sep 4, 2024
WTI

    • 11.40amD1
    • High70.75
    • Low70.18
    • Close70.46

WTI is trading at 70.44, 0.21% down since previous day close. Wednesday’s decline in oil prices followed a more than 4% drop the day before, and they were at their lowest point since December due to hopes that a political disagreement preventing Libyan exports would be settled. In turn, concerns about China’s bleak future have made the drop in oil prices even worse. The daily chart analysis indicates that the market is in an oversold area. When looking down, 68.71 is the nearest support.

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 80.50
R2 78.42
R1 74.98
Turnaround 71.09
S1 68.41
S2 66.53
S3 64.32
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