$USDJPY Technical Analysis: Anticipation of US Inflation Figures
as a result of which it achieved a move towards the 115.95 resistance level, its highest in almost a month. Amid a state of optimism, US stocks recorded their biggest jump since June 2020 as a sharp drop in oil prices eased fears that inflation was about to worsen worldwide.
The price of US crude oil fell 12%, the most since November, bringing relief after the sharp rise in crude prices since Russia's invasion of Ukraine. Big volatility has been rocking the markets in recent weeks as investors try to guess how much damage the war will do to the global economy. The chaotic movements are likely to continue with very high uncertainty about the war in Ukraine and its eventual economic repercussions. The region is key to the markets as it is a major producer of oil, wheat and other commodities, whose prices have soared on fears of supply disruptions.Stocks once again moved in the opposite direction to oil prices, and inflation was a dominant concern.
The recent big moves for the markets also show that prices are already reflecting a lot of pessimism, with crude oil prices up more than 50% so far in 2022. This may be the reason why crude oil prices fell on Tuesday, after US President Joe Biden announced US embargo on Russian oil imports. A ban would mean supply disruptions, but oil traders may have already done so when they briefly pushed US crude above $130 the day before the announcement.
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