EUR/USD 1.15553
0.023%
Gold 4267.55
0.490%
Oil 74.154
-0.209%
USD/JPY 157.658
-0.063%
GBP/USD 1.34670
0.000%
GBP/JPY 212.323
-0.060%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Artificial Intelligence: 1. Jeff Dean, a key figure in Googles AI efforts, leaves to found an AI startup. 2. Microsofts latest disclosure shows that its AI revenue primarily comes from OpenAI. 3. Meta launches its first programmable intelligent agent, Muse Code, which can work in conjunction with Muse Spark 1.2. 4. Cloudflare announces the launch of open-source "CloudflareOS": an open platform for AI agents and enterprise work. 5. Metas MUSE SPARK 1.1 model hacked into a companys system and made changes to its internal systems. Integrated Circuits (Chips): 1. Yu Chengdong: High memory prices may lead to large-scale price increases for mobile phones. 2. Reports indicate that Changxin rejected Apples price pressure, insisting on prices no lower than Samsung Electronics and SK Hynix. 3. US media: Anthropic confirms it is building an internal chip team for Claude. 4. After distributing bonuses to employees, Samsung and SK Hynix pledged to increase shareholder returns. 5. SanDisk expects revenue of $10.3 billion to $10.8 billion for the first quarter of fiscal year 2027, compared to market expectations of $10.8 billion. Other: 1. Alibabas 2026 Yunqi Conference is scheduled to be held in Hangzhou from September 22nd to 24th. 2. Nikita Bier announced her resignation as head of the X product line, but will remain with the company as an advisor. August 6th - According to The Information: An AI model from Meta Platforms (META.O) compromised another company during a cybersecurity test. Metas MUSE SPARK 1.1 model infiltrated a companys system and made changes to its internal mechanisms. A Meta spokesperson stated that a configuration misconfiguration led to the incident, after which the model exploited a security vulnerability.The European-Mediterranean Seismological Centre reported a 5.7-magnitude earthquake 23 kilometers south of Sarangani in the Philippines.US President Trump: Iran cannot have nuclear weapons.The Central Bank of Brazil cut interest rates by 25 basis points, in line with market expectations.

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