The consolidation pattern for January WTI crude oil futures between $52.00 and $50.00 continues for a third-straight session. Traded volumes are heavy, with over 425,000 contracts changing hands for January alone. In the wake of today’s positive EIA crude oil stocks report, energies players are taking a bearish stance towards global oil.

EUR/USD has turned pretty bearish in the last two months. It made a decent retrace from mid August until mid September but it failed to break and hold above the 1.18 level, so this pair turned bearish in September and it continued down for two months with some pretty weak retraces during this period.

Although a decent retrace is now under way.  EUR/USD finally broke below the 1.13 support level last week, which was a major break since that level has been a long term support and resistance level. But before breaking 1.13, EUR/USD broke below another major level at 1.15.

It’s been a while since we heard something spicy from the Bank of Japan Kuroda, but today is the day. While speaking in Parliament, Governor Kuroda said, “There’s no need to take additional steps. What’s important is to ensure our policy is sustainable, with an eye on balancing its pros and cons,”

Besides this, it showed concerns to wind up the negative interest rates soon which makes it a quite bullish news for the JPY. We all know that the BOJ is targeting 2% inflation and the Japanese economy is still holding somewhere around 0.5% inflation, far away from their targets. It seems hard for BOJ to hike the interest rate. Which is why bigger fishes might not price in this news.