USD/JPY is trading at 130.218, 0.06% down since previous day close. The selling pressure can be seen in YEN against the USD as traders are looking forward to the result of FOMC meeting which is to be concluded on late Wednesday; with a hope of smaller interest rate hike move. Earlier, the YEN tested higher levels of $129 amid improving Chinese economic conditions since China & Japan are the trading partners. On data front, the Prelim Industrial Production fell by 0.1% weaker than previous figure 0.2% & the Retail Sales dropped by 3.9% as compared to expectation of -0.2%. The result of PMI figures will remain in focus. As seen in the chart, the pair is hovering near major Fibo level 61.8 & hence, slight buying may be expected in YEN against USD on daily basis.

CHNIND is trading at 7432.8, 0.16% down since previous close. The Chinese shares witnessed some sort of profit-booking on Tuesday after rallying to higher levels of 7800 last week; resuming from Lunar New Year holidays. Ongoing efforts to revive an economy from Covid-19 situation remain bullish for CHNIND. On data front, the Chinese Manufacturing PMI rose to 50.1 from 47.0 in previous month & the Non-Manufacturing PMI climbed to 54.4 against the expectation 52.0. Globally, the traders remain skeptical over FOMC monetary decision in its forthcoming meeting which limits the gain in indices. The result of Services PMI figures will remain into focus for the week. The cautious trading may be recommended for the day in CHNIND.

WTI Oil is trading at $77.59, 0.16% down since previous day close. The Oil prices slid down on Tuesday ahead of the OPEC+ meeting which is to be scheduled on February 01; with a focus on changes in oil production & supplies levels. Earlier, the prices as tension emerges in Middle-east countries following a drone attack in Iran which can hamper the supplies. Last week, the U.S Baker Hughes report showed a mild drop-down in Oil rig counts by 5 leading to 609 from 613 in the previous reading. Globally, the mixed USD on chances of monetary easing in upcoming FOMC meeting makes the Oil prices volatile. Slight selling pressure may be recommended in Oil on daily basis.