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Futures News, May 11th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 199,456 tons, an increase of 478 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 5,360 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 58,530 tons, unchanged compared to the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 24,200 tons, down 1,800 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 21,790 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 19,050 tons, down 8,520 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.May 11 - Gold futures fell 1% as oil prices rose amid lack of progress in US-Iran peace talks, fueling concerns about a prolonged disruption and escalating inflation. Soojin Kim, an analyst at MUFG Financial Group, stated, "The market increasingly expects interest rates to rise to address inflation risks associated with high energy prices, which is unfavorable for gold." Meanwhile, "strong US labor market data continues to support market expectations that the Federal Reserve will maintain high interest rates for an extended period."On May 11, local time, Iranian media PressTV reported on social media that within 24 hours, a second US Air Force F-35A Lightning II fighter jet issued an emergency code 7700 while flying over the Gulf of Oman and then diverted to the Zafra Air Base in the United Arab Emirates for an emergency landing. According to Iranian sources on May 10, a US Air Force F-35 fighter jet sent the 7700 emergency code while flying over the Gulf of Oman. This code indicates that the aircraft is in an emergency and urgently needs to land. Subsequently, the aircraft changed course towards the UAE and lowered its altitude.Jefferies: Raises its price target for Intel (INTC.O) to $120 from $80.STMicroelectronics shares rose 2.8% in Europe, leading the gains in the CAC 40 and SBF 120 indices.

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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