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Nasdaq 100 Rises As USD/JPY, Brent Crude Stall
(MENAFN- DailyFX (IG)) Macro update Asian shares rebound sharply:
Regional equities rallied as risk appetite recovered after the previous session’s sell-off, with MSCI’s Asia-Pacific index ex-Japan climbing 3.9%.
South Korea leads gains:
The KOSPI jumped 11.2%, rebounding from a historic drop, while Japan’s Nikkei 225 rose 2.5% following the recovery on Wall Street.
US stocks bounce back:
The Nasdaq 100 gained 1.29%, the S&P 500 advanced 0.78% and the Dow Jones added 0.49% as investors returned to technology shares.
Middle East conflict escalates:
Iran launched new missile strikes on Israel while the US Senate endorsed President Donald Trump’s military campaign, underscoring the risk of a prolonged conflict.
Oil and gold rise on supply concerns:
Brent crude oil moved above $84 and US crude oil approached $78 as disruptions around the Strait of Hormuz threatened energy supplies, while gold edged higher on safe-haven demand.
China sets lower growth target:
Beijing announced a 2026 growth goal of 4.5% - 5% and outlined measures to boost innovation and domestic consumption under its new five-year plan.
Nasdaq 100 recovers
The Nasdaq 100 has swiftly recovered from its early March 24,316 three-month low and has so far risen to 25,179. If bettered, the 11-to-25 February highs at 25,344 - 25,382 will be back in the frame but may, at least short-term, act as resistance.
Minor support may be found in the 25,086 - 20,057 region.
Short-term outlook:
Bullish while above the 4 March 24,796 low.
Medium-term outlook:
Neutral while above the 3 March low at 24,316; failure there would turn the forecast bearish.
Nasdaq 100 daily candlestick chart
Source: TradingView
Source: TradingView USD/JPY struggles at resistance
USD/JPY is seen coming off this week’s ¥157.97 six-week high, made marginally above its ¥157.72 February high. A break above these levels may lead to the January highs at ¥159.22 - ¥159.45 being revisited.
Minor support is seen in the ¥156.82 - ¥156.73 region as well as at the early January ¥156.12 low.
Short-term outlook:
Toppish while below the 3 March ¥157.97 high, a rise above which would change our outlook to a bullish one.
Medium-term outlook:
Neutral with a bullish bias while above the ¥152.10 January low.
USD/JPY daily candlestick chart
Source: TradingView
Source: TradingView Brent in holding pattern
The sharp advance in the Brent crude oil price has so far taken it to this week’s $84.26 1 1/2 year high. If exceeded, the November 2023 to May 2024 highs at $84.49 - $84.65 are likely to also be bettered with the February-to-March 2023 peaks at $86.50 - $86.65 being eyed.
Minor support may be spotted between the 2 March high and the 4 March low at $79.83 - $79.38.
Short-term outlook:
Bullish while above the 2 March $75.56 low.
Medium-term outlook:
Bullish while above the 26 February low at $69.12.
Brent crude daily candlestick chart
Source: TradingView
Source: TradingView Important to know
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
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