GBP/JPY is trading at 167.223, 0.04% up since previous day close. The sideways trading can be seen in GBP/JPY amid steady USD after Fed Powell hinted for aggressive rate hike in the forthcoming meetings to curtail inflationary concern in his latest speech. The weakening Japanese YEN amid conservative approach towards monetary tightening led GBP/JPY to move on higher side. The Japan’s PMI dropped to 53.4 from 54.1 while traders will be waiting for U.K PMI figure release. As seen in the chart, the pair is trading at major resistance level; forming recent highs which act as a make or break point. Buying can be initiated if breaches the level whereas a reversal will signify selling bias.

Natural Gas is trading at $6.948, 0.18% down since previous day close. The profit booking can be seen in Natural Gas after rallying to higher levels of $8.000 in the last week. The recent Energy Information Administration (EIA) report showed a build-up in Natural gas inventory level by 53B higher than expectation 40B which weigh down the prices to some extent. The change in climatic conditions in U.S & European regions and lockdown phase in few Chinese cities lowered down the consumption demand of heating fuels like Natural gas. As seen in the chart, the Natural gas retraced down till Fibo level 23.6 which signals either for breakdown testing next Fibo level of 38.2 or a reversal if sustained. Slight buying may be seen.

FRA40 is trading at 6514, 0.08% down since previous day close. The U.S & European shares seem to be trading on lower side after FOMC Chair Jerome Powell showed aggressive stance over rate hike in the near future. Earlier, the global shares traded positive as investors are looking forward to the corporate earnings result. Globally, ongoing negotiations between Russia & Ukraine will remain vital for indices. The result of French Manufacturing & Services PMI figures will remain in focus for the day. As seen in the chart, the FRA40 is trading between the Fibo level 50.0 & 38.2 & also, hovering near the short term Moving Averages. This clearly indicates the chances of buying bias if reversed form Fibo level 38.2 & vice versa.