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December 30th - Overnight, all three major US stock indices weakened, and the China Golden Dragon Index retreated. Hong Kong stocks traded with a slightly stronger bias in the morning session, exhibiting volatile movements. The Hang Seng Index opened flat at 25636 points, briefly falling 24 points to a low of 25611 before stabilizing. It then regained its upward momentum, with gains exceeding 100 points at one point, reaching a high of 25775 points, a rise of 140 points. At the close, the Hang Seng Index rose 0.44% in the morning session, while the Hang Seng Tech Index rose 1.04%. Turnover in the Hang Seng Index market narrowed to HK$96.54 billion. On the sector front, semiconductor stocks continued their strong performance from yesterday, while oil and gas and film and television stocks surged. Non-ferrous metals and heavy machinery stocks rebounded, and robotics concept stocks strengthened. Biopharmaceuticals and cosmetics stocks continued their weakness, while new consumption concepts, power equipment, and photovoltaic solar energy stocks experienced volatile pullbacks. In terms of individual stocks, Insilicon (03696.HK) surged over 34% on its first day of trading, Midland Holdings (02671.HK) rose over 30%, Baidu (09888.HK) gained nearly 7%, and CNOOC (00883.HK) climbed over 4%. Meanwhile, Laopu Gold (06181.HK) and Pop Mart (09992.HK) fell over 5%, and Xinyi Solar (00968.HK) dropped nearly 2%.On December 30th, the Ministry of Education held a press conference to introduce the progress and achievements of digital education during the 14th Five-Year Plan period. It was learned that the National Smart Education Platforms resource and service system has been continuously improved, with the recent addition of preschool education and postgraduate education modules, achieving full coverage of the platforms service recipients. Simultaneously, the National Big Data Center, serving as the national-level education "data foundation," and the National Platforms intelligent middleware platform, acting as the "smart brain," were officially launched today, enabling the sharing and integration of educational data and the intelligent upgrade of the national platform, propelling the basic digital education service capabilities into a new stage of intelligence.On December 30th, Hengda High-Tech stated on its interactive platform that the company has applied for an invention patent related to solid-state battery technology, which is currently in the examination and public announcement stage. At present, it is not involved in any business in the aerospace field.On December 30th, it was learned from the Ministry of Natural Resources that during the 14th Five-Year Plan period, my countrys surveying and mapping geographic information industry has accelerated its transformation and upgrading, with significant progress made in the construction of a real-scene 3D China and a nationwide network of satellite navigation and positioning reference stations. The Ministry of Natural Resources stated that during the 14th Five-Year Plan period, my countrys surveying and mapping geographic information industry has undergone continuous transformation and upgrading. Intelligent surveying and mapping technologies have made continuous innovation and breakthroughs, achieving independent support for natural resource satellite remote sensing imagery, and data is updated monthly and quarterly. Breakthrough progress has been made in the research and development of surveying and mapping equipment, with products such as UAV photogrammetry systems, BeiDou receivers, and high-precision total stations reaching international first-class levels. At the same time, a preliminary real-scene 3D China has been established, with 5-meter and 10-meter grids and other series of products covering the entire land territory, and 1:10,000 data covering 70% of the land territory.On December 30th, the Ministry of Natural Resources stated that during the 14th Five-Year Plan period, my countrys public geographic information services will be continuously enriched, and the integration of the geographic information industry with new business models will deepen. The total output value of the geographic information industry is expected to exceed 900 billion yuan. During the 14th Five-Year Plan period, my country will continuously strengthen the supply of geographic information services. The National Geographic Information Resource Catalog Service System will release 8.09 million resource catalogs, and the total number of standard maps released nationwide will reach 13,000, forming a three-tiered service architecture at the national, provincial (autonomous region, municipality), and municipal levels. At the same time, the geographic information industry will flourish. A standard system for autonomous driving maps will be gradually established, and autonomous driving map products covering ordinary roads in major and medium-sized cities across the country (Level L3 and below) will be widely used. By the end of the 14th Five-Year Plan period, the total output value of my countrys geographic information industry is expected to exceed 900 billion yuan, an increase of over 30% compared to the 13th Five-Year Plan period, with more than 4 million employees.

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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