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On April 5th, according to a report by the Islamic Republic News Agency (IRNA), Iranian First Vice President Aref posted on social media that US President Trump is still stuck in the "Stone Age" by threatening other countries at the expense of the American peoples well-being. Aref said that Trump, citing war as a pretext, claimed he couldnt simultaneously provide for the American peoples "kindergarten and healthcare," and is now threatening to destroy Iranian power plants and bridges. "A person who threatens other countries at the expense of his own peoples well-being is still stuck in the Stone Age," Aref added. He also said that Iran has chosen a different path, continuing its construction even under pressure.According to Irans Mehr News Agency, Masoud Zare, commander of the Iranian Army Air Defense Academy, was killed in a US-Israeli attack inside Iran.April 5th - OPEC website announced that Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman have decided to adjust their production by 206,000 barrels per day from the additional voluntary production cut of 1.65 million barrels per day announced in April 2023. The adjustment will take effect in May 2026.On April 5th, Hungarian Foreign Minister Szijjártó stated in Budapest that, given the increasing frequency of attacks on the TurkStream gas pipeline, Hungary will provide military protection for the Hungarian section of the TurkStream pipeline, including the section from the Serbian-Hungarian border to the Slovak-Hungarian border. Szijjártó stated that Ukraine first destroyed the Nord Stream gas pipeline and then blocked the Friendship oil pipeline, cutting off Russian oil supplies to Hungary and Slovakia. In recent weeks, Ukraine has used dozens of drones to attack the TurkStream pipeline, which is located in Russia and also transports natural gas to Hungary.The statement indicates that OPEC+ is scheduled to hold its next Joint Ministerial Monitoring Committee (JMMC) meeting on June 7.

USD/JPY Price Analysis: To consolidate as a doji near the YTD highs near 125.70 looms

Larissa Barlow

Apr 13, 2022 10:03

  • Despite its strong association with US Treasury yields, the USD/JPY trades in a range of 125.30 to 70.

  • Forecast for the USD/JPY exchange price: Although the bias remains upward, a doji near the year-to-date highs might pave the way for lower prices.

 

As the Asian Pacific day begins, USD/JPY is practically flat, up 0.05 percent, but still short of the YTD highs near 125.77, as Tuesday's price action formed a doji, implying indecision. The USD/JPY is now trading at 125.48.

 

On Tuesday, the USD/JPY hovered above 125.45 but fell rapidly on the release of mixed US inflation readings, albeit hotter than expected; the numbers were in line with forecasts.

USD/JPY Forecast: Technical Price

The USD/JPY is now trending upward, as indicated by the daily chart. A doji near the YTD highs, on the other hand, may pave the way for a correction down.

 

Meanwhile, the USD/JPY 1-hour chart indicates the pair has established a double top, but the pair may stabilize in the 125.30-77 range after breaking over 125.35.

 

The initial upward resistance for the USD/JPY would be 125.56. A break of the latter would reveal the convergence of the YTD high and the R1 daily pivot point near 125.77-80. Once cleared, 126.00 would be the next line of defense for JPY bulls.

 

On the other hand, the initial level of support for the USD/JPY would be the confluence of the 50-hour simple moving average (SMA) and the daily pivot at 125.28-30. A strong break would pave the way to the S1 daily pivot level of 124.81, followed by the 100-hour SMA level of 124.64.

 

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