Nasdaq 100 Eyes New Record High as USD/JPY and Brent Crude Consolidate

On Tuesday, April 21, 2026, the Nasdaq 100 is aiming for a new record high while USD/JPY and Brent crude oil prices consolidate, according to technical analysis from IG. The index’s upward momentum is supported by broader market optimism, including gains in Asian equities and shifting expectations around U.S. Monetary policy.

Asian stocks advanced on April 21, with the MSCI Asia-Pacific up 0.9% and South Korea’s Kospi rising 2.1% to a record high. This rally was fueled by optimism over potential U.S.-Iran talks and renewed AI-driven demand. The Kospi’s gain followed stronger-than-expected Korean export data, while Japanese business sentiment improved, supporting the Nikkei.

On Wall Street, the S&P 500 climbed 2.9% and the Nasdaq surged 3.8% in its strongest session since May 2025, led by technology stocks. Investors priced in a potential path to de-escalation in the Iran conflict, with Fed funds futures showing a 32% chance of a July rate cut—up from 7.5% the previous day. The 10-year Treasury yield edged lower to around 4.30%.

Meanwhile, Brent crude oil prices slipped below $100 a barrel on April 21 after earlier rising close to $109 due to supply risks from infrastructure damage and disruptions in the Strait of Hormuz. The decline came as hopes of de-escalation in the Iran conflict grew. According to Trading Economics, Brent fell to $94.69 per barrel on April 21, down 0.83% from the previous day. Over the past month, Brent’s price has fallen 5.26%, though it remains 40.40% higher than a year ago.

Gold held near two-week highs as investors remained cautious about whether de-escalation would materialize and how it might impact inflation and monetary policy.

The Nasdaq 100’s rally has brought focus to key technical levels, including the accelerated mid-March-to-April downtrend line and the March 24 low at 23,928. If sustained, momentum could fill the 25-to-26 March gap between 24,029 and 24,081 and revisit the 24,289-to-24,337 resistance area. Minor support is seen between the late July and August 2025 highs at 23,589-to-23,264, ahead of the March 31 low of 23,199.

Market participants continue to monitor developments in U.S.-Iran negotiations, as any progress could further influence risk appetite, currency pairs like USD/JPY, and commodity prices including Brent crude.

Key Takeaways

• The Nasdaq 100 is targeting a new record high amid consolidating USD/JPY and Brent crude prices.
• Asian equities rose on April 21, with the Kospi reaching a record high, supported by export data and hopes for Iran-U.S. Talks.
• U.S. Stocks posted strong gains, with the Nasdaq up 3.8% in its best session since May 2025, driven by tech stocks and easing rate expectations.
• Brent crude fell to $94.69 per barrel on April 21, down 0.83% daily, as geopolitical tensions eased slightly.
• Fed funds futures now price a 32% chance of a July rate cut, up from 7.5% the prior day.