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[AllForexnews]

Date: 1st May 2026.

NASDAQ Record High as Apple and Alphabet Surge, While Japan Shakes FX Markets.
 

A volatile week amongst most markets including the currency market, stocks and commodities. New developments are strongly influencing market decisions such as Japan’s currency intervention, tech-earnings and central bank decisions.

The Japanese Yen rose against the US Dollar by 3.20%, very similar to previous currency interventions over the past years. The question is whether the intervention is enough to support the currency in the long-term. The NASDAQ also rose to a new all-time high after the Apple earnings report was made public.
 

NASDAQ - Tech Earnings See Apple and Alphabet As Clear Winners

Alphabet stocks rose almost 10% after announcing their quarterly earnings report where the key points were earnings, Google search and cloud data. Alphabet revenue rose 22% year-on-year to $109.9 billion marking the 11th consecutive report where the growth was in double figures. Furthermore, Google Search & other revenue increased 19% to $60.4 billion and Google Cloud revenue rose 63%.

The main positive for Alphabet and index traders was that the stock not only rose after trading hours but also continued to rise thereafter. In addition to Alphabet, Apple’s stock also rose after market close but not to the level of Alphabet (Apple stocks +1.90%). Nonetheless, the earnings report was equally impressive with the company revenue rising to $111.2 billion, up 17% year-on-year. Apple described this as its best March quarter ever.

Apple said the iPhone achieved a March-quarter revenue record, supported by strong demand for the iPhone 17 lineup. However, the positive theme is not across all tech companies. Meta stocks saw a strong decline reading up to 8%. Nonetheless, the NASDAQ rose to an all-time high.
 

HFM - NASDAQ 20-Minute Chart

In terms of technical analysis, the price of the NASDAQ is obtaining mainly bullish signals from indicators on the 1-hour chart. The price is trading above Moving Average and above the VWAP. However, on smaller timeframes, the key indication is of a retracement as the price points downwards and forms bearish breakouts.

Based on price action, a retracement could continue to decline to $27,478.00 whereas a decline to the support level would be to $27,447.00. However, if the price falls below this level, the bullish bias could fade.
 

Japan’s Currency Intervention

The Japanese Federal Government's intervention in the currency market is now certain, even though not necessarily confirmed. The Japanese Yen is actively recovering after Japan’s Finance Minister Satsuki Katayama said the time is approaching for “decisive measures” in the foreign exchange market. This represents the strongest signal so far of a potential intervention to support the rapidly weakening currency.

The last similar intervention took place in July 2024, when authorities helped stabilize the Yen around the 162.00 level. In the past, the currency intervention tactic has been tried on multiple occasions, but has never been successful.

The Japanese Yen generally rose during yesterday’s European and US session. However, the currency has been declining during this morning’s Asian session. Nonetheless, technical indicators on the USDJPY continue to provide a bearish bias for now. The 156.980 is forming a key breakout level on the 5-minute chart whereas 155.880 is a key momentum indication. If the price falls below this level, sell signals potentially will strengthen.
 

HFM - NASDAQ 20-Minute Chart
 

European Central Bank

European economic data released today focused mainly on GDP and inflation. Q1 GDP rose by 0.1% QoQ, below expectations of 0.2%, while annual growth came in at 0.8% YoY, missing both the preliminary estimate of 0.9% and the previous reading of 1.2%. Germany’s GDP was revised down from 0.4% to 0.3% QoQ, confirming ongoing pressure on its energy import-dependent manufacturing sector.

The European Central Bank did not switch to a hawkish tone due to the rise in inflation. Instead the ECB president advised the market the central bank would likely pause and review for some time until the inflation picture was clearer. As a result, the Euro did not find lasting support from the events on Thursday.
 

Key Takeaway Points:

• Tech earnings drive the NASDAQ higher, with strong results from Apple and Alphabet helping push the index to a new all-time high.
• Alphabet leads the tech rally, as strong growth in Search and Cloud revenue boosts investor confidence.
• Japan intervenes in the currency market, but markets still question whether action can support the Yen beyond the short term.
• The ECB keeps markets cautious, as weaker GDP data and a wait-and-see stance limit support for the Euro.

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

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Michalis Efthymiou
HFMarkets

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