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On June 16, local time, Iranian Parliament Speaker Qalibaf said that with the support and connivance of the US government, Israel has committed new crimes against Iran. Iranian people of all nationalities and political positions have now united to fight the enemy. Qalibaf said that a large part of the enemys attacks did not come from external military operations, but were carried out by infiltrators within Iran. It is reported that Iran recently executed a person who was accused of spying for Israeli intelligence agencies.June 16, OCBC analyst Vasu Menon said in a research report that unless it triggers an oil shock, tensions in the Middle East are unlikely to have a lasting impact on the market. He said the markets main concern is that Iran may target the Strait of Hormuz, one of the worlds most important oil transportation channels. However, the analyst said that Iran is unlikely to take such extreme actions because it may provoke opposition from its large oil customers and trading partners. He added that the Iranian regime will also act cautiously to avoid involving a superpower like the United States in its conflict with Israel. He also pointed out that there may be more volatility in the market in the next few days, but perhaps more important is the US decision on retaliatory tariffs before July 9.Both U.S. and Brent crude oil fell by $0.4 in the short term and are now trading at $73.32 per barrel and $73.4 per barrel respectively.ECB Vice President Guindos: We already understand the side effects of stimulus policies; we will pay more attention to the impact on financial stability.ECB Vice President Guindos: I fully believe that the Feds swap line will continue to be maintained, and the issue of transferring gold reserves back from New York has not even been discussed.

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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