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Trading ideas for USD/JPY, EUR/USD and WTI

April 25, 2022

USD/JPY: The USD/JPY pair has opened lower on Monday. The pair is still consolidating in a narrow range despite US dollar positive signs like interest rate increase. Fed announced a rate hike in May at the IMF meeting to curb the surge in inflation, affecting the households’ living expenses. 8.5% US inflation rate requires a quick reversion back to the old rates as the situation could shock the US economy. On the Japanese yen front, Japan’s National CPI data release at 1.2% indicates a continuation of dovish monetary policy. Last week, a Japanese official warned that the negative impact of the extremely weak yen would affect the economy much more than its profit for exporters.

BUY LIMIT 126.70/TP 129.40/SL 125.90

 

EUR/USD: EUR/USD ended Friday trading bearish but lost some momentum, and the bulls could be about to recover. The French election results haven’t affected the European currency yet, but we expect it to be reflected in the price during this week. However, as mentioned before, the ECB is going to conclude its net asset purchases, probably in July, before raising rates by 25 basis points once per quarter from September this year. However, some analysts explained that the growing inflation risks could force the ECB to turn more hawkish despite more and more signs of a growth slowdown.

BUY 1.0890/TP 1.1150/SL 1.0800

 

WTI: WTI prices kept showing mixed dynamics the last week, having opened bearish today. Front-month WTI futures stuck within their intraday ranges of the last few days around the 100 level. At current levels, WTI sellers are going to test weekly support. There hasn’t been any fresh major news that could affect the oil market. Meanwhile, OPEC+ supply issues remain in focus, with Russian oil output expected to fall this and next month due to sanctions. Also, Libya has been in focus after political tensions saw output drop by more than half a million barrels per day.

BUY 100.60/TP 103.30/SL 99.80