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On May 18th, Israeli media reported that Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump spoke by phone that day to discuss the possibility of resuming military action against Iran. Israeli public broadcaster citing a senior Israeli official, reported that the call lasted about half an hour, primarily discussing the possibility of resuming military strikes against Iran. The official stated that if the US resumes military action against Iran, a joint airstrike by Israel and the US is expected.According to Saudi media Alhadath, Israeli media reports that the list of targets for strikes against Iran includes locations that Washington refused to target in the previous round of operations.The Israeli Broadcasting Corporation, citing official sources, said that if Trump approves the resumption of hostilities (with Iran), a joint attack will be launched.On May 18, US President Trump stated in a call with Axios that Irans "time is running out" and warned that if the Iranian regime does not offer a better deal, "they will suffer even heavier blows." US officials indicated that Trump hopes to reach an agreement to end the war; however, because Iran has rejected many of his demands and refused to make substantial concessions on its nuclear program, military options have been brought back to the table. According to two US officials, Trump is expected to meet with his senior national security team in the Situation Room on Tuesday to discuss options for military action.May 18 - According to the China Earthquake Networks Center, a 5.2-magnitude earthquake struck Liunan District, Liuzhou City, Guangxi Province (24.38°N, 109.26°E) at 00:21 on May 18, 2026, with a focal depth of 8 kilometers. The China Earthquake Administration has activated a Level III emergency response.

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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