EUR/USD 1.16874
-0.109%
Gold 3356.20
0.972%
Oil 67.491
2.447%
USD/JPY 147.368
0.758%
GBP/USD 1.34968
-0.596%
GBP/JPY 198.904
0.188%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Slovak Prime Minister: We aim to reach an agreement with EU partners on stopping Russian gas supplies and sanctions package by Tuesday.July 12, Anthony Saglimbene, chief market strategist at Ameriprise Financial, said that as the US government reaches an agreement with trading partners such as Japan and South Korea in the coming weeks, most investors seem to expect the United States to avoid raising tariffs. "This is the expectation that the market has formed," Saglimbene said. "If we dont get such an outcome, then I think if the White House does implement some aggressive tariff measures, the market volatility in the short term may increase."Ukraine said Russia launched 623 drones and missiles during the night.July 12, according to a report by the Wall Street Journal on the 11th, US President Trump hinted that if Iran seeks to develop nuclear weapons, he will support Israel in launching a new round of strikes against Iran. According to reports, Israeli Prime Minister Netanyahu recently privately informed Trump that if Iran resumes the development of nuclear weapons, Israel will launch further military strikes against Iran. Trump responded that he was inclined to reach a diplomatic settlement with Iran, that is, to reach an agreement on the nuclear issue, but he did not oppose Israels plan. The report also stated that a senior Israeli official revealed that Israel would not necessarily seek explicit approval from the United States on the issue of resuming strikes against Iran. However, considering that the United States seeks to maintain diplomatic ties with Iran, Israel may also face resistance from the United States.Ukrainian President Zelensky: Russia launched 597 drones and 26 missiles in its overnight attack on Ukraine on Saturday.

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.


image.png 


Suggestion