The week opens with unclear direction amid concerns that the war between Israel and Hamas could widen.
➡️ In the Forex market, the USD/JPY currency pair recorded the highest weekly close in 20 years last week as it continues to threaten a bullish breakout above the big round number at ¥150.00, so it will be interesting to follow the trend of traders on the Long side. The price briefly traded above 150 yen a few hours ago, raising the prospect of Bank of Japan intervention. Since Tokyo opened, the strongest major currency has been the Australian dollar, while the Swiss franc has been the weakest, suggesting a slight recovery in risk appetite. However, the US dollar remains quite solid and is in a long-term uptrend.
➡️ Stock markets are mixed, with Asian indices such as the Nikkei 225 and Hang Seng Index showing declines on the day, while US indexes are slightly higher in pre-market trading.
➡️ Precious metal prices continued to rise, with gold which has so far made a slight bearish pullback today, but remained firm above the support at $1,945.
➡️ Today may be a very quiet day in the Forex market, as it is a Monday and no major data releases are expected today.
Credit by DailyForex.com