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According to Irans Tasnim News Agency, Iranian armed forces prevented two oil tankers from passing through the Strait of Hormuz on Sunday.On April 19th, the Turkish Foreign Minister stated on Sunday that both Iran and the United States are willing to continue negotiations to end the war. Although negotiations between the US and Iran have been largely completed, several differences remain. The Turkish Foreign Minister also stated that the ceasefire agreement, which expires next week, should be extended.On April 19th, Malaysian Prime Minister Anwar Ibrahim stated that Petronas, Malaysias national oil company, could negotiate with Russia on oil supplies to ensure sufficient national energy reserves to meet demand. Anwar noted that given the current economic climate, many European countries, despite having imposed sanctions on Russia, are now vying to purchase Russian oil, making Malaysias move reasonable. Anwar also mentioned that during Australian Prime Minister Albaneses recent visit to Malaysia, the two sides discussed cooperation on gasoline, diesel, and fertilizer supplies.According to Irans Nour News, the commander of the Iranian Revolutionary Guards Aerospace Force, Mousavi, stated that during the ceasefire, the replenishment rate of launchers was faster than before the war. Meanwhile, the enemy is facing difficulties in rebuilding its ammunition stockpile and must gradually import ammunition from abroad.April 19th - This morning, a Russian naval fleet successfully completed its five-day goodwill visit to Zhanjiang and departed from a naval port in Zhanjiang. At approximately 9:00 AM, the Russian Navy frigates "Perfect" and "Rinchenza," and the medium-sized oil tanker "Pechenga," departed the dock in succession. Representatives of the Southern Theater Command Navy lined the dock to hold a farewell ceremony for the Russian side. After departure, the Russian fleet was escorted out of territorial waters by the Chinese Navys "Chenzhou" ship, and the two sides then bid each other farewell via radio. During the visit, the Chinese and Russian sides organized a deck reception, exchanged ship visits, and conducted professional exchanges and sports competitions, further enhancing mutual understanding and friendship.

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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