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On May 27, Liu Guixiang, a deputy ministerial-level full-time member of the Judicial Committee of the Supreme Peoples Court and a second-level grand justice, stated at a press conference held by the State Council Information Office that the peoples courts will make every effort to safeguard national security and social stability. They will punish crimes that endanger national security and public safety, and disrupt the socialist market economy order, in accordance with the law. Adhering to the principles of marketization and the rule of law, they will comprehensively perform their functions of administrative, civil, and criminal adjudication, and prevent and resolve risks in key areas such as finance and real estate.On May 27, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan" to introduce the relevant situation of "Promoting the Rule of Law in All Aspects." At the press conference, Miao Shengming, Deputy Procurator-General and Second-Level Senior Procurator of the Supreme Peoples Procuratorate, stated that the procuratorate will severely punish crimes that have drawn strong public condemnation, such as serious violence, gun and explosives-related crimes, organized crime, crimes endangering production safety, and telecommunications and internet fraud, in accordance with the law. Those who should be arrested will be arrested, and those who should be prosecuted will be prosecuted. In particular, the procuratorate will swiftly arrest and prosecute individuals who commit serious and heinous crimes, and severely punish them, thereby more effectively deterring crime and stabilizing public sentiment.On May 27th, the Shanghai Stock Exchange (SSE) announced on May 26th that it had recently co-hosted an online international roadshow event, "Focus on SSE: Brazil Special," with the Brazilian Securities and Futures Exchange. The event attracted over 40 institutions from Brazil, including asset management companies, financial intermediaries, pension funds, and banks. Going forward, under the overall guidance of the China Securities Regulatory Commission (CSRC), the SSE will explore cross-border cooperation with more overseas markets, continuously enrich cross-border investment products, facilitate the allocation of overseas medium- and long-term funds to Chinese assets, and promote greater international investor understanding and investment in China through diverse themed events, enabling them to share in the high-quality development of Chinas capital market.On May 27th, according to the latest data released by the China Index Academy, in April, the total bond financing amount in the real estate industry reached 61.48 billion yuan, a year-on-year increase of 28.8% and a month-on-month increase of 18.5%. Among them, real estate corporate bond financing amounted to 37.48 billion yuan, a year-on-year increase of 2.6% and a month-on-month decrease of 9.1%, accounting for 61%; overseas bond financing amounted to 3.43 billion yuan, accounting for 5.6%; and ABS financing amounted to 20.57 billion yuan, a year-on-year increase of 83.9% and a month-on-month increase of 93.1%, accounting for 33.5%.Goldman Sachs raised its year-end 2026 target for the S&P 500 to 8,000, up from 7,600 previously.

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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