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① Iran 1. The Iranian Foreign Minister will travel to Baghdad tomorrow. 2. The Iranian Revolutionary Guard says it will take a tougher stance against "violations" by vessels. 3. About 30% of the Iranian population will attend the funeral of the late Supreme Leader. 4. Affected by the Middle East conflict, Irans inflation rate rose sharply to 88.6% year-on-year in June. 5. Following the US strikes against Iran, Iranian drones attacked Bahrain and oil tankers were attacked in the Strait of Hormuz. 6. The Iranian Islamic Revolutionary Guard Corps destroyed eight key US military infrastructure sites at the Ali Salim Air Base in Kuwait and the US Fifth Fleet in Bahrain. ② United States 1. The US strikes Iran again; explosions are heard in the Sirik region. 2. Trump says the US military strikes Iranian missile and drone storage sites. 3. According to CNN: US officials say that when Iran claimed to have attacked US targets in the Middle East, the US "detected several drones," but these drones did not hit their targets. ③ Israel 1. Israeli forces strike southern Lebanon again after the US-Lebanon framework agreement. 2. Israeli Prime Minister: Israel retains all the necessary "safe zones" along its northern border. 3. Israeli National Security Minister: The Lebanon-Israel-US framework agreement is a "major mistake." 4. Israeli official: If Hezbollah launches an attack, Israel will respond strongly. 5. Israeli Defense Minister: Has instructed the Israeli military to prepare for a long-term presence in the "safe zone" in southern Lebanon. 6. Israeli Prime Minister Netanyahu: We are breaking Irans diplomatic axis. We have reached a framework agreement that allows us to end the conflict with Lebanon. ④ Other situations: 1. US media: Trump and Netanyahu have been communicating much less than before. 2. UAE Foreign Minister praises the efforts of the Lebanese and Israeli governments in reaching a framework agreement. 3. Hezbollah: The Israel-Lebanon framework agreement is invalid; refuses to link Israeli troop withdrawal with Hezbollahs disarmament. 4. French Foreign Ministry: Willing to contribute to the implementation of the framework agreement between Lebanon and Israel. 5. Joint Maritime Information Center: Raises the maritime security threat level in the Strait of Hormuz from "medium" to "high". 6. Following the Iranian Revolutionary Guards strike on vessels violating regulations, more ships are seeking permission from Iran. 7. Security sources say an explosive drone attack struck a camp of an Iranian Kurdish opposition group north of Erbil, Iraq. 8. The Lebanese presidential palace stated that Lebanese President Aoun, in a phone call with US President Trump, said Lebanon would assume responsibility for implementing the framework agreement with Israel. President Aoun has requested US assistance to prevent violations of the agreement and to pressure Israel to withdraw from the southern region.According to Fox News: The latest round of US strikes against Iran is larger than last nights operation. US and Bahraini forces shot down nine Iranian drones that were heading towards US forces in Bahrain.According to the Islamic Republic of Iran Broadcasting (IRIB): Several shells struck a village on Qeshm Island.On June 28, U.S. Central Command issued a statement saying that on June 27, under the command of the Commander-in-Chief, U.S. Central Command forces conducted additional strikes against multiple Iranian targets. Following yesterdays U.S. strikes against Iran in response to its attack on the cargo ship "M/V EverLovely," Iran had an opportunity to uphold the ceasefire agreement, but its forces launched a one-way attack drone strike this morning (4:30 AM ET on Saturday), hitting and destroying the oil tanker "M/T Kiku." The Panamanian-flagged tanker was sailing near the Strait of Hormuz at the time, carrying more than two million barrels of crude oil. Today, U.S. Central Command forces responded to Irans continued attacks on merchant ships, with U.S. warplanes striking Iranian military surveillance facilities, communication systems, air defense sites, drone storage facilities, and mine-laying capabilities. Merchant ships continue to transit the Strait of Hormuz. The U.S. military remains vigilant and ready to respond.June 28 - The United States launched a military strike against Iran on June 27 local time.

USD/JPY Price Analysis: Aiming for a Six-Year High of 125.10

Larissa Barlow

Apr 06, 2022 09:51

  • The asset has become unbalanced as a result of the Darvas box chart formation exploding.

  • The advance of the 20 and 50-period exponential moving averages indicates that the upside is still intact.

  • The RSI (14) is currently trading inside a positive range of 60.00-80.00.

 

The USD/JPY pair has shifted to an imbalanced state and is closing in on a new six-year high of 125.10, set on March 28 after auctioning in a narrow-range box. On Tuesday, the pair saw a bullish open rejection-reverse session, as the asset declined from its beginning price of 122.80. The major, on the other hand, faced hefty bids to around 122.38 as investors opted for a 'buy the dip' strategy.

 

On the hourly scale, the structure reflects a stronger breakout of a Darvas box chart pattern that is drawn in the region of 121.30-123.00. The Darvas box chart pattern explodes, resulting in an increase in volume and volatility.

 

The 20- and 50-period Exponential Moving Averages (EMAs) remain elevated at 123.35 and 123.00, respectively, indicating that the bullish bias remains intact.

 

Meanwhile, the Relative Strength Index (RSI) (14) has settled comfortably in a bullish range of 60.00-80.00, indicating further gains ahead.

 

If the round level resistance at 124.00 is breached, the asset will accelerate toward the six-year high at 125.10, followed by the one-year high at 125.86 on 1 June 2015.

 

On the other hand, if the yen falls below the 50-EMA at 123.00, bulls can take control of the asset. This will bring the stock back to its March 29 and 30 lows of 121.98 and 121.31, respectively.

Hourly chart of the USD/JPY

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