USD/JPY is trading at 130.446, 0.09% down since previous day close. The weakness continued to be seen in safe haven instruments against the stronger USD & rising bond yields after FOMC hikes an interest rate by 50 bps as expected. The Japan’s Household Spending fell by just 2.3% against 1.1% in the prior month. Globally, the worsening situation between Russia & Europe over Oil & gas ban issues & escalating Covid-19 cases in China supports USD & softened the other currencies. As seen in the chart, the pair is trading within the bullish channel pattern & RSI line is trading near higher level of 80. Selling in JPY may be recommended against USD for the day.

Gold is trading at $1864.32, 0.21% down since previous day close. The selling pressure continued to be seen in Gold prices since last few sessions against strong USD post FOMC decision of raising interest rate by 50bps to control the inflationary situation. Moreover, the mounting Covid-19 cases in China lowered down the consumption demand of metals & gold since China is a top consumer of commodities. The EU talks over Russia Oil & gas supplies ban will remain vital for overall instruments. As seen in the chart, although the commodity is still trading within the bullish channel pattern yet it lowered down from major resistance level & is hovering near MA (20). Slight bearishness may be expected for the day in Gold.

INDIA50 is trading at 16290, 0.06% up since previous day close. The mild recovery can be seen in INDIA50 after sliding down to lower levels in the last week as fear holds a ground over global recession. Earlier, the FOMC hiked interest rate hike by 50 bps in order to curtail inflationary situation which led a selling pressure in equity markets. The rising Covid-19 cases in China leading to lockdowns further pressurize the INDIA50. On regional front, the striving efforts over economic growth & improving banking sector may lead to bullishness in future course. As seen in the chart, the INDIA50 is trading below the major Fibo level 61.8 which indicates the chances of selling bias if sustained & the target of 15700 can be seen if slides down further.