Market Analysis by covering: US Dollar Japanese Yen, US Dollar Index Futures, Crude Oil WTI Futures. Read 's Market Analysis on Investing.com
Oil prices climb over 2% as Iran reviews US proposal to end warAfter a promising start to the day, markets are once again fearful that any sort of peace deal between the US and Iran remains far away, drivingAfter a promising start to the day, markets are once again fearful that any sort of peace deal between the US and Iran remains far away.
Major US indices are back to flat after trading up more than +1% pre-market, with oil prices bouncing off their overnight lows, and the US dollar rallying on safe haven demand. USD/JPY resistance looms in the upper-159.00s, where traders grow increasingly concerned with the risk of intervention on the part of Japanese authorities. Today’s trade started on an optimistic note, but it’s been mostly downhill from there. Per news reports, the US delivered a 15-point peace plan to Iran via intermediaries, raising hopes that both sides could come to the proverbial negotiating table under the auspices of a longer ceasefire. However, just before the US open, Iran rejected the proposal, stating that it was “not logical” to enter such a process with a counterparty that violates agreements, delivering its own 5-point proposal that appears similarly untenable from a US perspective.“marking an alarming escalation in the US-Israeli terrorism against Iran’s civilian infrastructure” again raised fears that the war could devolve into strikes on non-military targets in the coming days. While the strike reportedly took place yesterday, the big takeaway for traders is that any sort of peace deal between the US and Iran is still far away.oil pricesTechnically speaking, USD/JPY remains in focus. The pair is once again trading above 159.00 amid broad-based US dollar buying and concerns about the effects of elevated oil prices on the energy-import-dependent Japanese economy. As the chart above shows, resistance looms in the upper-159.00s, where traders grow increasingly concerned with the risk of intervention on the part of Japanese authorities, but the move higher so far hasn’t been the type of one-way volatility that historically prompts such an action. If the situation in Iran continues to deteriorate, USD/JPY could rally through this resistance zone, bringing the mid-2024 high near 161.80 into view next. Meanwhile, substantial progress toward peace could reverse today’s rally, with initial support coming in at the 21-day EMA near 158.00.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
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