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On August 28th, US defense officials and NATO officials stationed in Europe revealed that due to the conflict with Iran, the US militarys advanced missile interceptor stockpile in Europe has fallen to an "extremely critical" level, with the Patriot interceptor stockpile being the "most worrying." It is understood that the US military had previously transferred some of its European stockpiles to the Middle East, and the US military and its regional allies have consumed a large number of interceptor missiles in the process of intercepting Iranian drones and missiles.On August 28th, local time, on the 27th, Rezaei, Secretary of Irans Supreme National Security Council, stated during a meeting with Qatari Prime Minister and Foreign Minister Mohammed bin Salman that Iran distrusts the United States because of its repeated reneging on diplomacy and negotiations. Iran warned that any subversive actions by the United States would bring a "historic catastrophe" to its military and economic interests. He stated that the United States must first take concrete measures to meet Irans conditions before Iran will open the Strait of Hormuz. Mohammed bin Salman stated that, given the sensitivity of the current regional situation, Qatar, out of a sense of responsibility, always hopes to cooperate with Iran.When asked if he would punish Putin for doing business with Iran, Trump replied, "Who says I wouldnt?"US President Trump: Millions of barrels of oil are transported through the Strait of Hormuz every day.US President Trump: Iran is in big trouble.

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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