#MarketNews

Greetings, dear traders! Today is Tuesday, January 23, 2024. Let's go deeper into today's market overview:

• A Massachusetts Institute of Technology study found that artificial intelligence cannot yet cost-effectively replace most jobs: only 23% of tasks are currently cheaper to automate with AI technology.

• China is considering a $278 billion stock market rescue package, using funds from state-owned enterprises and local sources to stabilize the falling stock market.

• India has overtaken Hong Kong to become the world's fourth-largest stock market, helped by solid growth, policy reforms, and investor confidence, while China faces economic challenges.

• Since the beginning of the year, $150 billion worth of US corporate bonds have been sold, the highest since 1990. Investors rush to lock in high yields before central banks start cutting rates.

• BlackRock expresses concern that investors are underestimating the impact of forming a new geopolitical regime despite the rapid recovery of stocks and other assets after geopolitical events.

• Canada imposes restrictions on the number of international students due to an increase in the number of international students, which has led to a shortage of rental housing and an increase in rents.

• The US500 reached a record high for the second day, driven by gains in large technology stocks as investors await critical financial reports.

• The Japanese yen weakened, nearing a multi-week low, following the Bank of Japan's decision to maintain its ultra-easy monetary policy while evaluating if wage increases will sustainably support its 2% inflation target.

#TradeIdea

All eyes on XBRUSD!

On the H4, Brent has formed an ascending channel within which the price is near the upper trendline and is slowly testing the resistance at 80.10.

If the upper trend line is broken and the resistance 80.10 is crossed, XBRUSD will rise to 81.30. But if the price bounces off the trendline, it will rush to the support at 77.70 or even to the lower trendline at 76.80

GBPJPY Outlook!

On the H1 chart, the price rebounded from the support level at 187.500, continuing to test the trend line. Further price movement could develop according to the following scenarios:

If the price drops below the support level of 187.500, it would signify a trend reversal with a subsequent target of 186.500; If the price breaks above 188.300, it will continue moving upward towards the target of 189.200.

GBPUSD Opportunity!

In the H1 timeframe, GBPUSD has formed an rising wedge, and the price is currently testing the lower trend line.

Trade: Sell GBPUSD on a breakout below 1.2700
TP: 1.2650