Nasdaq 100 finds support as USD/JPY rises and Brent crude falls

​​​Macro update

​Asian equities extend losses: MSCI’s Asia-Pacific index ex-Japan fell for a fourth consecutive session, while the Nikkei and South Korea’s Kospi slid as rising yields weighed on sentiment.

​Bond selloff pressures markets: US Treasury yields remained near recent highs after the 10-year yield hit a 16-month peak and the 30-year yield reached levels last seen in 2007, as investors priced in renewed inflation and rate-hike risks.

​Nvidia results in focus: Markets are awaiting Nvidia’s earnings after the US close, with revenue expected to jump nearly 80% to almost $79bn, although investors are increasingly questioning whether AI stocks can continue supporting broader indices.

​Oil remains elevated: Brent eased slightly but stayed above $110 a barrel as Trump again suggested the Iran conflict could end quickly, while traders remained cautious amid mixed signals, the risk of further US strikes and limited tanker flows through Hormuz.

​Dollar stays firm: The dollar held near a six-week high as safe-haven demand and expectations of tighter Fed policy supported the currency, pushing the yen back towards the 160-per-dollar level watched for possible Japanese intervention.

​UK inflation eases: UK inflation slowed to 2.8% in April from 3.3% in March, below forecasts of 3.0%, helped by lower energy bills, although economists warned the decline may prove temporary as higher oil and gas costs linked to the Iran conflict feed through into prices.

​Nasdaq 100 consolidates below record highs

The Nasdaq 100 has seen three consecutive days of falling prices but seems to have found support around its 12 May low at 28,629. While it and Tuesday's low at 28,567 underpin, upside pressure remains in play with the 11 May high at 29,372 representing the first upside target.  
 
Further up sits the record high at 29,678 and lies the psychological 30,000 mark. 
 
Short-term outlook: bullish, targeting new record highs while above the 19 May low at 28,567 
 
Medium-term outlook: bullish while above the 28 April low at 26,878

Nasdaq 100 daily candlestick chart

​USD/JPY continues to rise

USD/JPY nears Tuesday's high at ¥159.25 and may see its eighth straight day of rising prices. If overcome, the mid-April high at ¥159.53 will be next in line, followed by the ¥159.84-to-¥159.86 resistance area.

​Potential support may be found around the early April low at ¥158.28.

​Short-term outlook: bullish while above the 14 May ¥157.29 low

​Medium-term outlook: neutral with a bullish bias while above the 6 May low at ¥155.03 and below the late April peak at ¥160.72

USD/JPY daily candlestick chart

​Brent crude comes off Monday's high

​Brent crude is seen coming off Monday's $109.32 per barrel high and looks to be sliding towards the 19 May low at $105.74. Were this to give way, the 23 April high at $101.91 and the April-to-May support line at $101.44 may be reached as well. Further potential support sits around the mid-April $99.74 high.

​Resistance below $109.32 may be spotted at $108.41-to-$108.88. Further resistance may be found at the 23 March high at $110.29.

​Short-term outlook: bearish while below the 18 May $109.32 high

​Medium-term outlook: neutral while below the 4 May high at $113.54 but above the current $94.64 May low

Brent crude daily candlestick chart