USD/JPY is trading at 141.313, 0.21% up since previous day close. The YEN gained the momentum against the weaker USD as traders expect trimming of U.S interest rates in the month of March; as hinted by few Fed officials. On data front, the Japan’s Prelim Industrial Production fell by 0.9% lower than expected fall of 1.7% & the Retail Sales grew by 5.3% from 4.1% in the previous month. These factors further cushioned the pair USD/JPY. Last week, the Bank of Japan (BoJ) left an interest rate steady at -0.10%; turning ultra dovish & hence, dragged down the YEN widely. As seen in the chart, the pair USD/JPY sustained & reversed down the Fibo level 61.8 which indicates further buying in YEN against the USD on short to medium term basis.

Gold is trading at $2086  .44, 0.22% up since previous close. A strong buying pressure seems to be building up in gold prices against the soft USD as U.S PCE Price Index showed poor result & hence, increases the chances of interest rate cut-down in near term. Earlier, the ultra-dovish BoJ stance & leaving its interest rate steady at -0.10% led the selling pressure in gold. Uncertain Chinese economic outlook will remain significant for gold prices; for China is a top consumer of metals. The result of US Jobless Claims data will be closely monitored today. As seen in chart, the gold is on the verge of crossing over the major resistance level & hence, a breakout is expected if breaches the level. Slight buying may be initiated for the day.

US30 is trading at 38027, 0.17% up since previous day close. The record high levels can be seen in U.S markets; formed in the previous session as optimism hovers over interest rate cut in the month of March on account of strong global factors. The weak U.S PCE Price Index & recovering technology sector in U.S raises interest rate cut chances. Other than this, the factors like volatile Crude Oil prices & ceasefire talks between Israel & Hamas remains significant for global markets. The result of Jobless Claims & Pending Home Sales data remains in focus for the day. As seen in the H4 chart, the index strongly crossed an upper trend-line of channel pattern along with ADX line trading at higher levels. Buying on lower levels may be recommended for the day in US30.