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According to Iranian reports, more than 200 enemy aircraft have been shot down in the recent conflict.On August 17th, Alexander Stepanov, a military expert at the Institute of Law and National Security of the Russian Presidential Academy of National Economy and Public Administration (RANEPA), stated that Irans resistance to the US military presence in the Middle East has seriously challenged the feasibility of deploying its carrier strike groups. Stepanov stated that aircraft carriers are among the most expensive tools for projecting US military power, but their effectiveness has been severely diminished due to their inherent weaknesses and the lack of adequate means to protect such large, high-value assets. He further pointed out that the more than 260-day deployment at sea and the inherent vulnerabilities of the ships themselves have placed a heavy burden on the crews. This is the longest mission to date, yet it has yielded almost no substantial military results.On August 17th, according to reports from the Ukrainian Air Force and local officials on social media, Russian forces launched attacks on 16 locations in Sumy, Odessa, and Kharkiv regions from the evening of the 16th to the early morning of the 17th. As of the morning of the 17th, the attacks had resulted in at least two deaths and 11 injuries. The Ukrainian Air Force stated on the morning of the 17th that Russian forces launched 128 drones into Ukrainian territory from the evening of the 16th to the early morning of the 17th. As of 8:30 AM on the 17th, Ukrainian air defense and electronic warfare units had intercepted 106 drones. The Ukrainian State Emergency Service stated on the morning of the 17th that Russian forces launched attacks on Sumy region in the early hours of the day, targeting residential buildings and structures, resulting in two deaths and one injury.On August 17, according to a statement from the Iraqi Kurdistan Regional Governments (KRG) Anti-Terrorism Directorate, at 00:28 local time, two Hadid-110 drones loaded with explosives took off from the Iranian border, targeting the KRG Prime Ministers office and the residence of the KRG Security Director in the Pilm district of Erbil province. No casualties were reported. The statement strongly condemned the attack and act of aggression, reiterating that these actions were "completely unacceptable" and that all perpetrators would be held accountable.On August 17, local time, Yadora Javani, deputy political commander of the Iranian Islamic Revolutionary Guard Corps, said: "The Strait of Hormuz will be reopened once the United States fulfills its commitments under the Islamabad memorandum."

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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