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U.S. stock index futures opened slightly lower on Monday.Iranian Foreign Ministry: The Iranian Foreign Minister spoke with the Dutch Foreign Minister and exchanged views on bilateral relations and the latest regional and diplomatic developments.1. According to TASS: Russia says it has resumed flights at its southern airports. 2. Zelensky says Ukraine has submitted a list of 1,000 prisoners of war for exchange to Russia. 3. Zelensky: Russia has not complied with the US-brokered ceasefire agreement on the front lines. 4. According to TASS: The Kremlin says Russia wants Armenia to provide clarification regarding Zelenskys visit. 5. Russian presidential aide: US Presidential envoy Witkov and Trumps son-in-law Kushner will arrive in Moscow "soon," and Russia will continue dialogue with them.On May 11, according to Irans Tasnim News Agency, an informed source stated that Iran would not formulate plans to please the United States, but only to safeguard the rights and interests of the Iranian people. The source said that when US President Trump is dissatisfied, "its usually better." Trumps unwillingness to face reality is the reason he has repeatedly lost to Iran. On May 10, Trump posted on social media that he was dissatisfied with Irans response, calling it "completely unacceptable." Earlier on May 10, Iranian media reported that Iran had formally submitted its response to the latest US proposal aimed at ending the war to Pakistani mediators, focusing on ending the war and maritime security issues in the Persian Gulf and the Strait of Hormuz.On May 11th, according to sources familiar with the matter, artificial intelligence chip maker Cerebras Systems may raise the size and price of its initial public offering (IPO) as early as Monday due to continued surging demand for its shares. The company is considering a new price range of $150 to $160 per share, up from the previous range of $115 to $125, and increasing the number of shares offered from 28 million to 30 million. If priced at the upper end of the new range, Cerebras will raise approximately $4.8 billion, higher than the originally planned $3.5 billion. Sources say that Cerebras IPO subscription orders are more than 20 times the number of shares available, and the chipmaker is trying to cope with the surge in market interest ahead of pricing on May 13th. Cerebras produces specialized chips for running advanced AI models, a market currently dominated by Nvidia. Compared to GPU chips, which the industry has long relied on for model training, Cerebras chips are better suited for inference. This weeks IPO will be Cerebras second attempt at going public. The company first filed for an IPO in 2024 but withdrew the plan last year.

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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