• The Fed has decided to maintain interest rates at 5.50% per annum.
  • Analysts consider it unlikely that the Fed will start cutting rates in 2024.
  • The USD/JPY started May with a significant correction of -2.11% after the Bank of Japan’s intervention in the foreign exchange market.
  • Mastercard posted mixed results, beating earnings per share expectations, but falling short of sales.
  • Pfizer beat market expectations.


Major events:

  • Spanish manufacturing PMI
  • Italian manufacturing PMI
  • French manufacturing PMI
  • German manufacturing PMI
  • Euro zone manufacturing PMI index
  • New claims for unemployment benefits in the U.S.



  • Leverage: 100
  • Units: 100
  • Margin requirement: USD$2167
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2321.91
  • Support 2: 2319.6
  • Resistance 1: 2326.51
  • Resistance 2: 2328.8

Fundamental Analysis

  • The FED has decided to maintain interest rates at 5.50% per annum. According to the FOMC statement, the outlook is uncertain and inflation is currently showing signs of recovery. Therefore, a decision to start cutting interest rates has been ruled out for the time being.
  • ADP nonfarm payrolls increased to 192,000 versus 179,000 expected. The result is positive and may indicate a favorable sign for NFP.
  • U.S. manufacturing PMI came in at 50, beating expectations of 49.9 and settling in the zone of economic expansion.
  • Eurozone manufacturing PMI is expected to come in at 45.6, i.e. in the contraction zone.
  • New claims for unemployment benefits in the U.S. will come in at 212,000.



  • Leverage: 100
  • Units: 1
  • Margin requirement: USD$177
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 17529.34
  • Support 2: 17517.92
  • Resistance 1: 17549.59
  • Resistance 2: 17558.42

Fundamental Analysis

  • Analysts believe it is unlikely that the Fed will start cutting rates in 2024. Wall Street indices closed mixed. The Nasdaq 100 closed down -0.76%. At the moment, the index is trying to rebound, up +0.61% and trades at 17,545 points.
  • Starbucks recorded a significant correction of -15.88%, due to delays in the service of its coffee shops. On the other hand, AMD shares corrected -8.91%, due to market dissatisfaction with the presentation of its artificial intelligence chip.
  • The cryptocurrency sector continued to correct. Bitcoin corrected during yesterday’s session by more than -4% and Ethereum by -2.32%.
  • The index is below but close to the 200-day moving average line, indicating an increase in buying volume.



  • Leverage: 200
  • Units: 100,000
  • Margin requirement: USD$499
  • Example: 100 pips change in USDJPY price = USD1,000 potential PL.
  • Support 1: 155,93
  • Support 2: 155,76
  • Resistance 1: 156,28
  • Resistance 2: 156,46

Fundamental Analysis

  • USD/JPY started May with a significant correction of -2.11% after the Bank of Japan’s intervention in the currency market. The price managed to drop to the 154 support, before rebounding to its current level of 155.78.
  • Japanese exporters are increasing the volume of forward hedges on the current yen price. Analysts expect further intervention by the Bank of Japan.
  • Leading free-market advocates are sharply criticizing the BoJ, as it was the BoJ that allowed the USDJPY to reach the 161 level.
  • The Chicago Mercantile Exchange saw the highest trading volume for USDJPY, indicating more open interest from traders.
  • USDJPY is slightly below the 40-day moving average line. Price has managed to stay within a resistance zone. The price is halfway between the two Bollinger Bands.


  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview


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