• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
US Treasury Secretary Bessant: Interest rates are unrelated to repurchase decisions.U.S. Treasury Secretary Bessant: If there are any changes to the balance sheet, the Treasury and the Federal Reserve will work together.U.S. Treasury Secretary Bessenter: We will announce priorities for strengthening fiscal consolidation.The Iranian Foreign Ministry stated that the economic sanctions imposed by the United States on Iran violate the basic human rights of Iranian citizens and are a typical example of "economic terrorism" and "crimes against humanity."1. The Houthi rebels claimed to have attacked "sensitive" targets at Najran Airport and the Saudi Aramco plant in Najran. Saudi Arabia has not yet immediately confirmed this. 2. The U.S. Department of Energy will release $500 million in subsidies to seven key mining projects. 3. This week, Mysteels Coal and Coke Division surveyed the profitability of independent coking plants nationwide. The national average profit per ton of coke was -149 yuan/ton; the average profit for near-grade coke in Shanxi was -148 yuan/ton, in Shandong -130 yuan/ton, in Inner Mongolia -161 yuan/ton, and in Hebei -96 yuan/ton. 4. According to USDA agricultural drought monitoring data, as of August 18, 2026, the drought rate in U.S. soybean producing areas was 26%, unchanged from the previous week; the drought rate in U.S. corn producing areas was 28%, down 1 percentage point from the previous week; and the drought rate in U.S. cotton producing areas was 44%, up 4 percentage points from the previous week. 5. An Indian government order on Thursday allowed duty-free imports of 1 million tons of sugar, a move aimed at lowering record-high sugar prices. 6. The U.S. Department of Agriculture reported that for the week ending August 13, net export sales of U.S. corn for the 2025/2026 marketing year were 233,000 tons, compared to 411,000 tons the previous week; net export sales of soybeans for the 2025/2026 marketing year were 85,000 tons, compared to 75,000 tons the previous week; net export sales of cotton for the 2026/2027 marketing year were 209,000 bales, compared to 1,000 bales the previous week; and net export sales of wheat for the 2026/2027 marketing year were 394,000 tons, compared to 256,000 tons the previous week. 7. The latest monthly report from the International Grains Council (IGC) shows that global wheat production in 2026/27 is projected to decrease by 4 million tons year-on-year to 817 million tons, trade volume to decrease by 2 million tons to 203 million tons, and consumption to decrease by 2 million tons to 826 million tons; carryover stocks are expected to decrease by 4 million tons to 275 million tons. 8. The International Aluminium Institute (IAI) projects global primary aluminum production in July 2026 at 6.16 million tons, compared to 6.267 million tons in the same period last year, with the previous months figure revised to 5.939 million tons. The average daily primary aluminum production in July was 198,700 tons, with the previous months figure revised to 198,000 tons. Chinas primary aluminum production in July is projected to be 3.866 million tons, with the previous months figure revised to 3.727 million tons. 9. The US Climate Prediction Center (CPC) indicates that El Niño is strengthening, with a greater than 90% probability of a super event this fall and winter. 10. Data released by the U.S. Labor Department on Thursday showed that initial jobless claims fell by 6,000 to 206,000 in the week ending August 15. The median forecast from economists surveyed was 210,000. Meanwhile, continuing jobless claims rose to 1.8 million last week. 11. According to Xinhua News Agency, reporters learned from the Shanxi Provincial Bureau of Statistics on August 20 that Shanxi Provinces raw coal production from enterprises above designated size reached 68.933 million tons in July, and the cumulative raw coal production for the first seven months reached 680.287 million tons. 12. The U.S. Central Command confirmed that the aircraft carrier USS George Washington has been deployed to the Middle East, following the prolonged deployment of U.S. personnel aboard the USS Abraham Lincoln, which triggered a crisis. 13. EIA Natural Gas Report: For the week ending August 14, total U.S. natural gas inventories were 3,169 billion cubic feet, an increase of 16 billion cubic feet from the previous week and a decrease of 28 billion cubic feet from the same period last year, a year-on-year decrease of 0.9%, while being 185 billion cubic feet higher than the 5-year average, an increase of 6.2%.

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