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According to Fars News Agency, the Bahman pier on Irans Qeshm Island was attacked after "clashes between Iranian armed forces and the enemy."According to Al Arabiya, Israeli officials say the explosions reported from Israel are unrelated to Iran.Williams, a permanent voting member of the FOMC and president of the Federal Reserve Bank of New York, will speak in ten minutes.On May 8th, U.S. Secretary of State Marco Rubio granted emergency approval for the sale of weapons, including anti-aircraft interceptors, to Bahrain, Israel, Kuwait, Qatar, and the United Arab Emirates, totaling $25.8 billion—three times the amount announced last week. A congressional aide confirmed that lawmakers had been notified of the State Departments move. The U.S. government announced later last week that it had approved the expedited sale of $8.6 billion worth of weapons, but made no mention of Bahrain. The discrepancy between the two figures stems from regulatory details: the government considers these agreements modifications to previously approved deals, not new sales. The emergency designation of the weapons sales waives the congressional review period, but a former Pentagon official stated that unless there is existing stockpiles, delivery is optimistically estimated to take two to three years, "definitely not something that can be obtained in the current conflict."The Russian Ministry of Defense announced on social media on July 7 that, in commemoration of the 81st anniversary of the Soviet Unions victory in the Great Patriotic War, Russia would cease fire in special military operations zones from midnight on July 8 until July 10, and would cease strikes against targets deep inside Ukraine. However, if Ukraine violates the ceasefire, Russia will retaliate accordingly.

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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