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February 6th - Indian oil giant Reliance Industries has resumed purchasing Venezuelan crude oil after suspending imports in the middle of last year. This trade chain has reopened as India seeks to diversify its supply and as US intervention has brought the South American nations oil back to the market. According to sources familiar with the matter, the refining giant has taken delivery of a Very Large Crude Carrier (VLCC) carrying approximately 2 million barrels of crude oil. India had previously purchased Venezuelan crude oil, and Reliance Industries had imported it under US sanctions waivers prior to last year. In 2019, the companys purchases accounted for approximately 25% of Venezuelas total exports.1. WTI crude oil futures trading volume was 1,076,990 lots, a decrease of 329,637 lots from the previous trading day. Open interest was 2,096,413 lots, a decrease of 17,820 lots from the previous trading day. 2. Brent crude oil futures trading volume was 202,424 lots, a decrease of 116,032 lots from the previous trading day. Open interest was 251,799 lots, an increase of 2,130 lots from the previous trading day. 3. Natural gas futures trading volume was 613,921 lots, an increase of 40,307 lots from the previous trading day. Open interest was 1,654,264 lots, a decrease of 1,161 lots from the previous trading day.February 6th - Iranian Foreign Minister Araqchi and his negotiating team are en route to the US-Iran nuclear talks in Muscat, the capital of Oman. The composition of the Iranian negotiating team is largely the same as in previous rounds of talks, with the exception of Deputy Foreign Minister for Economic Affairs Gambari, who was added to the delegation.On February 6, South Korean President Lee Jae-myung condemned a financial journalist for allegedly profiting from undisclosed information in the stock market, stating that manipulating stock prices will come at a heavy price. Lee made the statement by retweeting a related news report on the social media platform X (formerly Twitter). Over the past two months, Lee has frequently used social media to reiterate his stance of severely punishing those who disrupt financial markets. At the same time, he also reiterated his commitment to maintaining a high-pressure crackdown on transnational crime.February 6th - Following the launch of its free milk tea promotion today, Qianwen (千问) topped the Apple App Stores free app chart by noon. Yuanbao (元宝) came in second, and Doubao (豆包) came in third.

The USD/JPY Currency Pair Swings in a 60-Pip Range as Bulls Reclaim 124.00 on a Positive Note

Drake Hampton

Apr 08, 2022 10:07

Tips

  • The USD/JPY is up 1.26 percent this week.

  • The greenback strengthens as investors shrug off geopolitical concerns.

  • Forecast for the USD/JPY Exchange Rate: As bulls, we are leaning upward and are aiming for the YTD high of 125.10.

 

As the Asian Pacific session opens, USD/JPY pair extends its weekly gains on broad US dollar strength. The USD/JPY remains strong at 124.15, after trading in a tight 55-pip range over the last three days as the Eastern Europe conflict between Russia and Ukraine enters its sixth day.

 

Asian market futures continue to trade higher, despite the ongoing Russia-Ukraine confrontation. Contrary to the positive tone of Asian market futures, which point to a stronger open, US equities concluded the afternoon in a divided mood. Investors shrugged aside Russia-Ukraine tensions on Thursday, despite Russian Foreign Minister Sergei Lavrov's complaint that Ukraine's new draft accord submitted to Russia does not meet Russia's demands on Crimea and Donbas. Meanwhile, recent reports indicate that Russia is regrouping soldiers in preparation for another offensive aimed at reclaiming Ukraine's eastern territories, Donetsk and Luhansk.

 

The North American session on Thursday featured Fed speakers, lead by St. Louis Fed President James Bullard, who stated that the Fed is still behind the curve in its efforts to contain inflation. Bullard said that by the second half of the year, he would like to see the Federal Funds Rate (FFR) at 3.5 percent.

 

Later that day, Chicago Fed President Charles Evans indicated that "we (the Fed) will reach neutral by the end of this year or early next."

 

On the Japanese docket, the Current Account for February and Consumer Confidence for March would be the headline economic data releases. On the US front, Wholesale Inventories for February will be released on a monthly basis. 

USD/JPY Forecast: Technical Analysis

The USD/JPY continues bullish, but the average daily range (ADR) has been 55 pips during the last three days. Daily moving averages (DMAs) below the spot price further reinforce the uptrend, and it's worth noting that the 100-DMA at 109.48 is on the verge of crossing over the 200-DMA at 109.60.

 

With that considered, the first resistance level for the USD/JPY would be 124.00. If the latter is breached, the March 29 daily high of 124.30 will be revealed, followed by the year-to-date high of 125.10.


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