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On Thursday, the Japanese Yen witnessed a weakening trend against its US counterpart due to the surge in oil prices and expectations that the Bank of Japan will further ease monetary policy by buying more ETFs invested in domestic shares. This helped Japanese stocks climb to the highest level in more than 2 months. The Nikkei continued the up-move to as high as 17,363.62, the highest level since February 3.
Yesterday, the Crude Oil Inventories data, which measures the number of crude barrels held in inventory by commercial firms during the past week, was report at 2.1 million barrels, down significantly compared with 6.6 million barrels the week before. Today, the International Energy Agency (IEA) stabilized market sentiment regarding oil prices by reporting that there would be a strong fall in the crude oil production of non-OPEC producers in 2016.
These events helped crude prices witness a surge today. Brent crude futures inched up 21 cents to $46.00 per barrel, while WTI crude futures witnessed a 17 cents gain at $44.35. Both of them are up 70% in value from their lowest level formed between January and February. However, investors still remain cautious about oil outlook due to the possibility that Russia and Iran may raise the amount of oil production, as the Russian oil minister stated today.
The market is awaiting the indications from the Fed policy review to be held on April 26-27 to get more information about its preparation for another rate hike. From the beginning of the year, Fed Chair Janet Yellen has repeatedly indicated the Fed’s cautious view in tightening policy this year.
Fig. USDJPY H4 Technical Chart
USDJPY has witnessed a continuous drop from the resistance level at 113.799, and has since then been moving between the range of 107.638 and 110.007. The pair has retreated from around 109.955 and is now traded at 109.430, hovering around the zone of Fibo 38.2. With RSI staying at level 53 and heading down, the price is anticipated to hit the Fibo 23.6 area before bouncing back.
Buy Digital Call Option at 109.107 valid until April 22, 2016
Buy Digital Put Option at 109.430 valid until April 22, 2016