Market Fueled by Risk-On Move. USDJPY Surged into Overbought
Market Updates at a Glance: 23 March 2022 (Wednesday)🌎
☛Market Fueled by Risk-On Move. USDJPY Surged into Overbought Territory and Testing the Resistance Zone .
➤US stocks extended the recoveries despite the aggressive rate hike expectation, with Dow +0.74%, S&P 500 +1.13% and Nasdaq +1.95%. It has been rallying more than 8% since the max pain week.
➤The US dollar index has retreated from intraday high of 98.96 and ended slightly lower near 98.41. The treasury yields continued higher across the curve after the hawkish comments by Powell and Bullard, with the 10-year treasury yields up to 2.38%.
➤Yell selloff accelerated amid the risk-on mood, with USDJPY hitting 120 for the first time since January 2016. Resistance zone: 121.20-121.70
➤GBP surged to a three-week high, 1.3263 (+0.71%) ahead of the UK’s major stats.
➤Gold was flat, trading near the Fibonacci 38.2% level.
➤Oil (Brent) softened to $114 as EU was less likely to join the ban on Russian Oil .
➤BTC edged higher to near $42,400. XRP was flat near 0.8390.
☛TA front for XRP: XRP hovering around the horizontal line of the ascending triangle . A breakout above indicates a bullish continuation if pro-risk momentum is sustained.
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