USDJPY
The USDJPY pair experienced a slight decline during the Asian session on Friday following a report indicating a sharp deceleration in consumer inflation in Japan's national capital in January. However, oscillators on the daily chart remain comfortably in positive territory, suggesting potential for an upward movement.
As of now, the USDJPY pair aims to surpass the intermediate hurdle around the 149.30-149.35 zone and reclaim the psychologically significant level of 150.00. Traders may consider this as an entry opportunity, leveraging the positive momentum indicated by the oscillators.
Entry Suggestion: Consider entering a long position if the USDJPY pair successfully surpasses the 149.30-149.35 zone and consolidates above 150.00. Set stop-loss and take-profit levels to manage risk and capitalize on potential gains.
XAUUSD
XAUUSD prices saw a modest increase on Thursday, supported by falling yields despite stronger-than-expected U.S. gross domestic product data. Gold has faced a lack of directional conviction recently, with volatility expected to pick up as U.S. core PCE from December is on the horizon, leading into the FOMC announcement next week.
Considering the recent moves, traders should be cautious about potential increased volatility in the gold market. The market has lost more than 2% this year, but the lack of a clear trend complicates decision-making for traders.
Entry Suggestion
Given the uncertainty, traders may opt for a wait-and-see approach until there is a more decisive trend in the gold market. Pay close attention to upcoming economic data and the FOMC announcement for potential entry signals.
WTI
Peak oil demand projections for 2030 have emerged, driven by the growing adoption of electric vehicles and the shift towards renewable energy. The US Energy Information Administration (EIA) and International Energy Agency (IEA) anticipate this shift, leading to a forecasted Brent crude oil price of around US$85 per barrel for 2024.
This projection aligns closely with the EIA's Short-Term Energy Outlook, which expects a price of US$83 per barrel. The emphasis on renewable energy and electric vehicles suggests a changing landscape for the oil market.
Disclaimer
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RISK WARNING IN TRADING
Transactions via margin involve leverage mechanisms, have high risks, and may not be suitable for all investors. THERE IS NO GUARANTEE OF PROFIT on your investment, so be cautious of those who promise profits in trading. It's recommended not to use funds if you're not ready to incur losses. Before deciding to trade, make sure you understand the risks involved and also consider your experience.
Paraphrasing text from Daily FX, The Star and FX Street all rights reserved by the original author.
