USD/JPY is trading at 137.705, 0.05% down since previous day close. The flat to higher side trading can be seen in USD/JPY ahead of the debt ceiling talks between U.S President Joe Biden & House of Representative Speaker McCarthy today; after concluding nothing last week. On data front, the Japan’s Core Machinery Orders fell by 3.9% weaker than expected rise of 0.5% which may weaken down the currency YEN against the USD. The traders will be looking forward to the result of Flash Manufacturing PMI & BoJ Core CPI data which will remain in focus for the week. Sideways trading can be recommended in USD/JPY since the pair is hovering in specific range as seen in the daily chart

INDIA50 is trading at 18288, 0.22% up since previous day close. The SGX Nifty recovered in early trade on Monday after opening on lower side amid Central Bank RBI’s move of withdrawing the highest currency note from circulation. On global front, the discussion over U.S debt ceiling issue between U.S Biden & other top officials; failing to conclude anything last week remains vital factor for major world indices. The tension over aggressive rate hike in FOMC’s next meeting amid higher inflation & employment rate made the indices to trade on lower side last week. As seen in the chart, the INDIA50 is on the verge of crossing over short-term MA (10) & MA (20) & hence, a strong breakout can be expected if breached the current levels.

Gold is trading at $1976.01, 0.02% up since previous close. The range bound trading can be seen in Gold; sustaining below $2000 mark as traders & investors are looking forward to the debt ceiling negotiations amongst top U.S officials which is to be held today; after failing to conclude anything last week. Last week, the precious metals plunged down amid weaker Chinese economic data since China is a top consumer of metals. The chances of aggressive U.S rate hike in near future amid higher inflation rate & higher labor data turned out to be positive for USD & negative for precious metals. As seen in the chart, the Gold seems to be taking a strong support of previous lows & hence, buying on dips may be seen further.