

Market Analysis
USDJPY
On Wednesday, April 24th, the Japanese yen depreciated by 0.33% against the US dollar, reaching a rate of 155.34 yen per 1 US dollar. Early on Thursday in Asia trading, the yen's exchange rate dropped further to 155.41 yen per 1 US dollar, hitting its lowest point since the mid-1990s.
The dollar yen is currently hovering around $155. Surpassing over 34 years of its all time high price, including the time the bank of Japan’s intervention at around $152 to bring the price back down all the way to $130 in October.
Investors should watch ahead of intervention from the Bank of Japan's meeting this week.
The Governor of the Bank of Japan, Haruhiko Kuroda, warned that if inflation keeps rising towards the 2% target, they might raise interest rates.
From a technical standpoint, investors can look to go take LONG position with take profit @$160, stop loss at around trendline support level @$150 before going for an opposite fall back @ $130.
EURUSD
On early Wednesday, EUR/USD maintains a consolidation phase near 1.0700 following a positive closure on Tuesday. A downturn in the US Dollar (USD) during Tuesday's American session, sparked by disappointing PMI data, propelled EUR/USD upward.
It's crucial to monitor the forthcoming US GDP report as it could potentially indicate a significant shift in prices against the Euro (EUR). On the 4-hour chart, the 20-period Simple Moving Average (SMA) has crossed over the 50-period SMA, signaling bullish momentum. Additionally, the Relative Strength Index (RSI) remains above the 50 level.
XAUUSD
Sentiment remains upbeat across various risk markets as equity indices rebound from last week's downturn and forge ahead. The current pause in the Israel-Iran conflict is bolstering market confidence, while strong US earnings reports are fueling the momentum.
This week, investors are eyeing three key US economic indicators: durable goods data (today), Q1 GDP figures (Thursday), and Core PCE numbers (Friday).
Additionally, several major US corporations, including IBM, Meta, Alphabet, Intel, and Microsoft, are set to release their earnings reports this week.
In summary, gold prices are expected to continue their upward trajectory in the long term as long as market sentiment remains positive and devoid of fear.
The technical analysis highlights the critical threshold of $2333 in the ongoing bull market for gold. A breach of this level would signal a probable continuation of upward momentum. During Wednesday's Asian trading session, gold prices experienced minimal fluctuations, finding some stability amidst the US dollar's weakness. Should gold falter in surpassing the pivotal $2333 mark, there's a possibility of a rebound, potentially leading to a breach beneath the support level of $2291.
WTI
The oil market is witnessing a slight increase in prices as reported by the American Petroleum Institute (API), which indicates a decrease in crude oil inventories by 3.23 million barrels for the week ending April 19. This decline contrasts with the inventory build of 4.09 million barrels in the previous week. Market expectations for the week ending April 19 were for inventories to increase by 1.8 million barrels.
Looking ahead, it is anticipated that the oil market will remain tight, supported by constructive fundamentals.
This trend suggests that there will likely be further strength in the market in the coming months. Additionally, there is a possibility that central banks will act swiftly to ease policy, which could further bolster global demand for commodities, including oil.
Technical Analysis:
US crude oil prices are struggling to gain momentum upwards following a rebound from the $80.75 support level, representing the 50-day Simple Moving Average (SMA). During Wednesday's Asian trading session, they are oscillating within a defined range.
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