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On July 13, a spokesperson for the UN Secretary-General issued a statement on July 12, saying that Secretary-General Guterres expressed deep concern over the serious escalation of the situation in the Gulf region and the renewed outbreak of military confrontation, urging Iran and the United States to urgently resume negotiations and resolve outstanding issues through diplomatic means. The statement said that all attacks must cease. The Secretary-General called on all parties to exercise maximum restraint, refrain from actions that would further escalate the situation, and to take immediate measures to de-escalate it. The statement emphasized that a return to full-scale hostilities would have disastrous consequences for the people of the region, international peace and security, and the global economy, and reiterated the necessity of restoring complete freedom of navigation in the Strait of Hormuz.July 13 – The U.S. Department of Justice is investigating allegations that United Auto Workers (UAW) President Shawn Fain abused his power and attempted to financially benefit his fiancée. Sources familiar with the matter said a lawyer hired to oversee the UAW mentioned the investigation last month in emails to Fain and the unions vice president, Rich Boyer, who will be Fains opponent in the upcoming election. In his latest report on the unions activities, released on June 25, the overseer stated that he determined Fain "acted improperly to financially benefit his fiancée." Fains fiancée works at a training center jointly operated by the UAW and automaker Sterlantis (STLA.N).July 13 – The latest epidemic report released by the Ministry of Health of the Democratic Republic of Congo on July 12 shows that the area affected by the current Ebola outbreak has increased to five provinces, with a total of 1,873 confirmed cases and 672 deaths. Chowpo and Haut-Uele provinces are listed as affected provinces for the first time. The report states that cases in both provinces are linked to the Nyania region of Ituri province. Previously, the Ebola outbreak affected Ituri, North Kivu, and South Kivu provinces. According to the report, 763 patients are currently in isolation or hospitalized, and 306 cases have recovered. The report also shows that South Kivu province has not reported any new confirmed cases since May 26, and as of July 7, it has reported no new confirmed cases for 42 consecutive days, twice the longest incubation period of the Ebola virus.On Monday, July 13, the Hang Seng Index opened down 17.47 points, or 0.07%, at 24,157.65; the Hang Seng Tech Index opened down 1.98 points, or 0.04%, at 4,719.68; the H-share Index opened up 3.07 points, or 0.04%, at 8,042.26; and the Red Chip Index opened up 14.61 points, or 0.38%, at 3,865.65.The Peoples Bank of China announced today that it conducted 224 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 224 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.

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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