EUR/USD 1.20392
1.340%
Gold 5178.68
3.359%
Oil 62.427
2.781%
USD/JPY 152.174
-1.321%
GBP/USD 1.38481
1.245%
GBP/JPY 210.684
-0.105%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On January 28th, WTI and Brent crude oil futures settled up 3% on Tuesday, at $62.39 and $67.57 per ounce, respectively. Analysts and traders estimated that U.S. oil producers lost up to 2 million barrels per day (approximately 15% of national production) over the weekend due to a severe winter storm that swept across the country, putting pressure on energy infrastructure and the power grid. Tamas Varga, an oil analyst at brokerage PVM, stated, "The cold weather in the U.S. could lead to a significant drop in oil inventories in the coming weeks, especially if the weather persists." Ship tracking service Vortexa reported that crude oil and liquefied natural gas exports from U.S. Gulf Coast ports fell to zero on Sunday due to the cold weather. The companys head of analysis stated that exports rebounded on Monday with ports reopening, reaching above seasonal levels. Furthermore, two informed sources previously indicated that Kazakhstans largest oil field, Tengiz, may recover to less than half of its normal production by February 7th, as it slowly recovers from fires and power outages. However, CPC, the company that operates Kazakhstans main export pipeline, said that the terminals loading capacity has been restored to full capacity after maintenance was completed at one of its three mooring points on Russias Black Sea coast.U.S. API crude oil production for the week ending January 23 was down 15,000 barrels per day, compared to a previous weeks down 176,000 barrels per day.U.S. refined product imports for the week ending January 23 were -190,000 barrels per day, compared to -8,000 barrels per day in the previous week.U.S. crude oil imports for the week ending January 23 were -803,000 barrels, compared to 101,000 barrels in the previous week.U.S. heating oil inventories for the week ending January 23 were 388,000 barrels, compared to a previous weeks decrease of 327,000 barrels.

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