Brent crude oil prepares itself for key US economic data later today as it starts off the European session on the backfoot.

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The Japanese Yen gained alongside a drop in US bond yields. The 2-year Treasury auction showed demand at its highest since 2020. Where to for USD/JPY?

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Risk trends continue to exhibit anxiety amid chop that fully undermining major technical levels. Meanwhile, the Dollar has been remarkably stoic with a 9-day range that rivals the year-end holiday trade. Will the forthcoming US GDP and PCE readings earn a breakout? What’s more, could a break turn to a trend with FOMC and NFPs on deck next week?

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There are competing forces on Dollar, which have prevented the benchmark currency from developing a clear trend. Those competing fundamental winds are even more severe when it comes to USDJPY, which has further developed the month’s long channel. What could push this cross to break?

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The S&P 500 found support at its 200-day moving average this morning, while the Nasdaq has its own 200 dma as key resistance and the Dow as key support.

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