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On May 13th, at the opening ceremony of the Create2026 Baidu AI Developer Conference, Baidu founder Robin Li proposed that the metric for the AI era might be "Daily Active Agents" (DAA), corresponding to the most commonly used metric in the mobile internet, "Daily Active Users" (DAU). Li stated that the current metric closest to industry consensus is token consumption, but tokens dont necessarily represent the end result; they represent costs, not returns; they measure input, not output. "When humanity enters the era of intelligent agents, to measure the prosperity of a platform and ecosystem, we should focus more on the DAA metric, on how many agents are working for humanity and delivering results. This is closer to value and closer to the essence than pointless token consumption."The Hang Seng Tech Index fell by more than 1%, while the Hang Seng Index fell by 0.2%.Most Hong Kong-listed film and entertainment stocks fell, with NetEase (09999.HK) down more than 5%, and Tencent Music (01698.HK) and Huanxi Media (01003.HK) down more than 4%.May 13th - According to customs statistics, in the first four months of this year, the total import and export volume of the nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area reached 3.37 trillion yuan, a year-on-year increase of 18.4%. This represents 20.7% of the national total, an increase of 0.6 percentage points compared to the same period last year, contributing 24.9% to the national growth. Specifically, exports reached 2 trillion yuan, an increase of 11.4%; imports reached 137 trillion yuan, an increase of 30.4%.On May 13, the yield on Japans 5-year government bonds rose 3.0 basis points to a record high of 1.945%. The yield on Japans 20-year government bonds rose 5 basis points to 3.495%, also a record high. The yield on 10-year government bonds briefly rose to 2.590%, the highest level since May 1997.

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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