On the stock trading platforms front, US stock futures settled on Monday, with the three major averages oscillating around the flat line, after strong gains in the previous week that pushed the S&P 500 and Nasdaq to record closes. Now, traders are preparing for the key Consumer Price Index (CPI) and Producer Price Index (PPI) data due this week and the start of the earnings season.Also, Federal Reserve Chairman Jerome Powell is set to testify before Congress, as traders look for any further insights into the Fed’s plans for the rest of the year. In addition, the results of the French elections, which saw no party secure a majority, have eased concerns about hawkish fiscal policies.According to trading platforms, Megacap shares were mixed in pre-market trading, with Apple (0.7%), Nvidia (0.7%) and Meta (0.4%) up while Microsoft and Amazon were around the flatline, and Alphabet was down 0.7%. Also, Boeing shares rose 0.9% before the opening bell after the company agreed to plead guilty to criminal fraud charges.According to the economic calendar results, Japanese services sentiment is higher than expected.According to the announcement, the Japan Services PMI rose to 47.0 in June 2024 from a one-and-a-half-year low of 45.7 in May, beating market estimates of 46.3. Noteworthy, this was the first increase in four months, with the household budget trends gauge advancing due to the rise in retail and other related indicators. Also, the employment gauge was higher. Meanwhile, the business trends gauge fell due to a decline in non-manufacturing manufacturing. Furthermore, the economic expectations gauge rose to 47.9 from 46.3 in April, marking its first increase in four months and coming off its lowest level since November 2022, supported by optimism that the economy will continue to recover. USD/JPY Technical Analysis and Expectations TodayBased on the daily chart attached, USD/JPY is trying to form a downward channel. Meanwhile, those attempts failed without the currency pair moving towards the support levels of 159.20 and 157.80 respectively. Currently, the currency pair may remain range-bound pending the reaction to the US inflation figures and the content of the testimony of US Federal Reserve Chairman Jerome Powell. In contrast, the bulls are returning towards the resistance level of 161.80, ending the ongoing downward channel attempts.More By This Author:Gold Analysis: Correction From Five-Week High
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