The Japanese yen declined in Asian trading on Wednesday against a basket of major and minor currencies, resuming its losses that temporarily paused yesterday against the U.S. dollar, as the American currency holds above its low levels, awaiting new developments regarding the talks between the United States and Iran, as intensive diplomatic efforts continue to push for a new round of peace negotiations following the stumbling of the previous round hosted by Pakistan.

With the current decline in global oil prices, indications are increasing that inflationary pressures on monetary policy makers at the Bank of Japan are receding, which reduces the likelihood of raising Japanese interest rates later this month.

Price overview

• Japanese yen exchange rate today: The dollar rose against the yen by 0.2% to (159.06¥), from today's opening price of (158.77¥), and recorded a low of (158.72¥).

• The yen ended Tuesday's trading up by 0.4% against the dollar, in its first gain within the last four days, after a breakthrough in U.S.-Iranian talks.

The U.S. Dollar

The dollar index rose on Wednesday by about 0.2%, holding above a six-week low of 97.97 points, on its way toward achieving its first gain in the last eight days, reflecting a recovery in the levels of the American currency against a basket of global currencies.

Aside from buying operations from cheap levels, U.S. dollar levels are recovering as investors refrain from risk, awaiting the emergence of more positive indicators regarding the talks between the United States and Iran.

Diplomatic efforts

Diplomatic efforts continue, sponsored by Pakistan, Turkey, and some other countries, to bring viewpoints closer between the United States and Iran and to push toward engaging in a new round of negotiations, following the stumbling of the previous round held in the Pakistani capital, Islamabad, on Friday.

Media reports confirmed that a new round of negotiations between Washington and Tehran may be held in Islamabad during the coming days, with the Swiss capital, Geneva, proposed as a potential alternative for the second round of U.S.-Iranian negotiations.

Global oil prices

Global oil prices fell on Wednesday by about 1%, continuing their losses for the second consecutive day, with signs appearing that Washington and Tehran continue to revive peace talks, despite the United States beginning a blockade of the Strait of Hormuz.

Japanese interest rates

• The pricing of the probabilities of the Bank of Japan raising interest rates by a quarter of a percentage point in the April meeting is currently stable around 10%.

• In order to re-price those probabilities, investors await the release of more data on the levels of inflation, unemployment, and wages in Japan.

The price of Ethereum rose by approximately 8%, maintaining its recent gains amid attempts by buyers to break the $2,400 level, in an upward movement that came in parallel with the positive momentum in the Bitcoin market.

Ethereum's price managed to remain stable above the $2,180 support level and began a new upward wave, gaining momentum that pushed it past the $2,200 and $2,250 levels. During trading, the price broke through a descending trend line that was forming resistance near the $2,200 level on the hourly ETH/USD chart.

Buyers pushed the price to rise above the $2,350 level, recording a peak at $2,395, before entering a consolidation phase for gains above the 23.6% Fibonacci retracement level of the upward movement extending from the low of $2,179 to the peak of $2,395.

Ethereum is currently trading above the $2,350 level as well as above the 100-hour simple moving average. If buying momentum continues above the $2,320 level, the price may attempt to record a new upward wave.

Immediate resistance appears near the $2,380 level, while the $2,400 area is the first major resistance. If the price succeeds in breaking it, it may head toward the $2,440 level. In the event of a clear break above this level, it may open the way toward $2,500, with the possibility of gains later extending to $2,550 and perhaps $2,620 in the near term.

On the other hand, if Ethereum fails to clear the $2,400 resistance, it may begin a downward correction. The first important support appears at the $2,345 level, followed by stronger support at the $2,320 area.

In the event of a downward break of the $2,320 level, the decline may extend toward $2,260, which corresponds to the 61.8% Fibonacci retracement level of the upward wave from $2,179 to $2,395. Further decline could lead to testing the $2,230 area, while the most important support remains at the $2,180 level.

Technical indicators point out that the Moving Average Convergence Divergence (MACD) on the hourly timeframe continues to gain momentum in the positive zone, while the Relative Strength Index (RSI) appears above the 50 level, reflecting the continuation of the upward bias in the short term.

China's soybean imports rose by 14.9% on an annual basis in March, but they came in much lower than analyst expectations, amid delays in shipments arriving from Brazil as a result of tightened inspection procedures related to contamination.

Data from the General Administration of Customs showed that total imports reached 4.02 million metric tons, compared to 3.5 million tons in the same period last year.

An analyst at Shanghai JC Intelligence, Rosa Wang, said that expectations were pointing to about 6.4 million tons, but imports were affected by the delay of Brazilian shipments due to tightened phytosanitary inspections, amid concerns over the presence of contaminants in some shipments.

The data indicated that imports rose on an annual basis supported by a low base, as last year's imports were affected by the decline in China's purchases of U.S. soybeans and the delay of the Brazilian harvest.

Trade sources indicate that China intensified inspections after spotting cases of shipments containing pesticides and fungi, in addition to heat damage and the presence of live insects.

During the period from January to March, China's imports reached 16.58 million tons, a decrease of 3.1% compared to 17.11 million tons in the same period last year.

Imports are expected to rise again during the coming months with the arrival of more U.S. shipments and Brazil's record crop at Chinese ports.

Agricultural researcher at Guoyuan Futures, Liu Jinlu, said that imports may exceed 10 million tons per month during the period from April to June, with close monitoring of weather conditions in the U.S. soybean planting season and the potential for any logistical disruptions.

He added that stable demand from the livestock sector is likely to support prices, which may keep them within a limited trading range with wide fluctuations.

Traders are also awaiting an anticipated summit between U.S. President Donald Trump and his Chinese counterpart Xi Jinping next May to obtain signals regarding the future of Chinese demand for U.S. soybeans, in light of trade tensions that had previously delayed China's purchases of the American autumn crop until last October.

On the trading front, soybean futures for May delivery fell by 0.4% to $11.58 per bushel.

Elon Musk’s SpaceX is heading toward becoming one of the largest listed companies in the world by market value, as it prepares for a potential initial public offering (IPO) on the stock exchange.

Reports said that the company, which develops rockets and space exploration technologies and operates the Starlink communications satellite network, has secretly filed a document with U.S. regulators to take its shares public, in a move that paves the way for its listing on the stock market.

The value of SpaceX is expected to exceed $1 trillion upon listing, which could put the stake of its founder, Elon Musk, on a path to make him the first person in the world whose fortune exceeds this figure.

According to reports carried by media outlets including Bloomberg, Reuters, and the New York Times, the company aims to offer its shares in the market during next June, with the possibility of raising at least $50 billion through the offering.

The secret file submitted to the U.S. Securities and Exchange Commission allows companies to proceed with an offering without immediate disclosure of financial details to the public, while the process is subject to review by regulatory authorities.

Company officials are expected to begin a roadshow with major investors to present the company’s plans and attract them to subscribe to the shares.

This move comes at a time when SpaceX is expanding rapidly, as its operations have come to include rocket launches and the operation of the Starlink network, which provides satellite internet around the world.

Reports also indicate that the company has become more closely linked to Elon Musk’s other projects, after the AI company xAI was merged into its structure, in a move that contributed to raising the internal valuation of the company to about $1.25 trillion.

At the same time, Musk’s other companies have become more interconnected, as xAI acquired the X platform (formerly Twitter) last year, while Tesla invested more than two billion dollars in xAI, with the integration of “Grok” AI technologies into some of its cars.

Analysts believe that the merger of these companies may help reduce costs and enhance resource sharing among Musk’s various projects, at a time when expansion plans in artificial intelligence and infrastructure require huge investments in computing and energy.

SpaceX seeks to fund its massive expansions, including the development of reusable rockets and the expansion of the Starlink network, along with future projects such as data centers in space and Mars colonization projects, although experts doubt the possibility of achieving some of these ambitions.

Elon Musk may return to Instagram and TikTok as the SpaceX public offering approaches

Businessman Elon Musk, CEO of Tesla and founder of SpaceX, may reopen his accounts on social media platforms such as Instagram and TikTok, in a potential shift from his previous positions toward these platforms.

According to reports, Musk, who was highly critical of platforms like Instagram and Facebook, and even previously deleted official accounts linked to his companies, may reconsider his position as the expected initial public offering of SpaceX on the stock exchange approaches.

Reports indicate that this potential move may be linked to Musk’s desire to expand the circle of access to investors and the public, as part of the preparation for the public offering, which is expected to be among the largest in the technology sector.

Musk had previously described Instagram as encouraging what he called a “culture of vanity photos,” and criticized the nature of content on it, but he also admitted to having a secret account on the platform to use links and follow content.

These developments come at a time of increasing expectations regarding the offering of SpaceX, which is one of the most valuable companies in the world, with estimates that the offering could raise tens of billions of dollars from investors.

Analysts believe that any expansion in Musk’s activity on platforms like Instagram and TikTok could be part of a broader marketing strategy aimed at enhancing public interest in the offering and increasing momentum around the company before its listing in the markets.

While no official confirmation has been issued by Musk or his two companies regarding this move, his media and commercial moves are often closely linked to his investment and expansion plans, making this possibility a subject of wide follow-up from investors and analysts.