USD/JPY is trading at 141.419, 0.02% down since previous day close. The Japanese YEN weakened in early trade on Tuesday after a devastating earthquake hit the country, affecting the economic conditions. On global front, the steady USD ahead of U.S Fed Meeting Minutes & Non-farm Payroll data release event remains slightly suppressive for other currencies. The traders expect U.S interest rate cut in the month of March; as hinted by few Fed officials which remains vital for USD/JPY. The Japan’s Prelim Industrial Production fell by 0.9% lower than expected fall of 1.7% & the Retail Sales grew by 5.3% from 4.1% in the previous month. As seen in the chart, the pair USD/JPY sustained & reversed down the Fibo level 61.8 which indicates further buying in YEN against the USD.

Gold is trading at $2073  .44, 0.08% up since previous close. The gold prices seem to be turning slightly higher against the steady USD on account of upcoming U.S Fed Meeting Minutes & NFP data due later in this week. Earlier, the soft USD as U.S PCE Price Index showed poor result & hence, increases the chances of interest rate cut-down in near term which led the rally in precious metals. The mixed Chinese economic outlook will remain significant for gold prices; for China is a top consumer of metals. The result of U.S PMI figures will remain in focus for the day. As seen in chart, the gold is still hovering near major resistance level & hence, a breakout is expected if breaches the level. Slight buying bias may be suggested.

US100 is trading at           17033, 0.02% up since previous day close. The range bound trading can be seen in U.S markets as traders are looking forward to the result of FOMC Meeting Minutes & Non-farm Payroll data due later in this week. Other than this, the earthquake in Japan & poor Chinese PMI figures affected the global sentiments & hence, limited the gains in US100. Last week, an optimism looms over interest rate cut in the month of March which pushed up the US30. The result of U.S Final Manufacturing PMI data will remain in focus for the day. As seen in the H4 chart, the index sustained the resistance of cluster highs & seems to be turning down; however, an upside may resume if buying continues further. The cautious trading may be recommended for the day in US100.