USD/JPY is trading at 130.107, 0.17% down since previous day close. The YEN weakened the most on Thursday after the Bank of Japan (BoJ) left an interest rate steady at -0.10% despite rising inflation rate. The Japan’s Prelim Industrial Production grew by just 0.3% lower than previous figure 2.0%. Also, the strong USD amid FOMC’s aggressive monetary tightening decision in the next meeting led weakness in counterpart currencies. Ongoing Russia-Ukraine talks will remain vital for safe haven currencies. As seen in the chart, the pair USD/JPY corrected down till Fibo level 61.8 which acts as a major support level & surpasses previous highs as well. This indicates the chances of further buying bias & hence, YEN may continue to weaken against the USD on short term basis.

Soybean is trading at $1690.32, 0.20% down since previous day close. The mixed trading can be seen in Soybean prices since last few sessions amid rising geo-political tensions amongst U.S, Europe & Russia over invasion of Ukraine. The strong USD on chances of FOMC monetary tightening stance & worsening Covid-19 situation in China led the Brazilian Real (BRL) currency weaker which dragged down Coffee & Soybean prices as well. The change in climatic conditions in Argentina led into massive production of beans; pushing down the price. As seen in the chart, although the commodity slid down till $1650 levels; yet it is still trading within the bullish channel pattern & hence, buying on dips may be recommended.

UK100 is trading at 7467, 0.21% up since previous day close. An upside can be seen in overall markets following the positive sentiments on an account of better than expected earnings. Earlier, the UK100 subdued amid growing tension between Russia & Europe; for the former warned to cut gas supplies to Europe. The FOMC Chair Powell showed aggressive stance over rate hike in the near future which remained negative factor for indices. The U.K CBI Realized Sales fell by 35 from 9 in the previous month. As seen in the chart, the UK100 reversed upside after testing Fibo level 38.2 which indicates the chances of upside. Also, a strong breakout can be expected if breaches the short term Moving Averages of period 10 & 20.