USD/JPY is trading at 148.103, 0.12% down since previous day close. The YEN weakened post Bank of Japan (BoJ) meeting wherein an interest rate was held steady at -0.10% while the traders would be expecting an end to negative interest rate cycle. On data front, the Japan’s Flash Manufacturing PMI fell to 48.6 from 49.6 in previous month which further dragged down the USD/JPY. Globally, the strong USD after U.S Fed Powell hinted for one more rate hike in this year; although keeping an interest rate steady at 5.50% in its recent meeting depreciated the major currencies. As seen in the chart, the pair is consistently trading above the short-term MA (10) & MA (20) & hence, further selling in YEN may be expected against the USD on daily basis.

UK100 is trading at 7714.3, 0.03% down since previous close. The U.K index seems to be trading range bound after Bank of England (BoE) left an interest rate steady at 5.25% against the expected hike of 25 bps. On global front, the hawkish U.S Fed stance over raising an interest rate once in this year & two more hikes in next year; although keeping an interest rate steady at 5.50% range in its latest meeting led the selling pressure in equity markets. The result of U.K Flash Services & Manufacturing PMI data will remain in to focus for the day. As seen in the chart, the index is strongly reversed up from cluster support in last week; how-so-ever, it is hovering near bearish trend-line & hence, the cautious trading may be recommended for the day.

WTI Oil is trading at $90.30, 0.21% up since previous day close. The Oil prices rallied on Friday after Russia bans its fuel exports which affects the supplies of Oil throughout the world since Russia is one of the major suppliers of Crude Oil. This outweighs the negative effect emerging out of U.S Fed’s hawkish stance in near future; though keeping an interest rate steady at 5.50% range. The supply cuts from Saudi Arabia & Russia will remain significant for the prices in long-run. The result of U.S Baker Hughes report will remain in focus for the day. As seen in the chart, the Oil seems to be trading firmly near major resistance of previous highs & hence, a breakout can be seen if breaches the level.