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The Ukrainian military has attacked an oil refinery in Ufa, Russia.On April 3, data released by the Russian Ministry of Finance on Friday showed that Russias national oil and gas revenue fell 43% year-on-year in March to 617 billion rubles (approximately $7.72 billion), but was up from 432.3 billion rubles in February, affected by falling oil prices and a stronger ruble. Oil and gas revenue is crucial to Russias national budget. Against the backdrop of high military spending, Russias fiscal deficit is projected to reach 5.6 trillion rubles by 2025, accounting for 2.6% of GDP. This revenue accounts for about a quarter of total budget revenue. These revenues are based on payments made by Russian companies up to March 30, corresponding to Februarys production, before the Middle East conflict drove up global oil prices. Revenue is expected to increase starting in April. In the first quarter of this year, revenue was 1.44 trillion rubles, a 45% year-on-year decrease. The budget projects oil and gas sales revenue of 8.92 trillion rubles this year, but current revenue progress is behind this target.April 3rd - According to the Qingmao Border Inspection Station of the Zhuhai Entry-Exit Border Inspection General Station, the Qingmao Port is experiencing a peak in both inbound and outbound passenger traffic as the Qingming Festival holiday approaches. In the week leading up to the holiday, the port saw an average of over 107,000 inbound and outbound passengers per day, an increase of approximately 8% compared to normal days. It is understood that this years Qingming Festival holiday in mainland China is from April 4th to 6th. The public holiday in Hong Kong and Macau is from April 3rd to 7th, lasting five days. Many Hong Kong and Macau residents are choosing to return to their hometowns to pay respects to their ancestors and visit relatives and friends, while mainland tourists are taking advantage of the holiday for short trips for spring outings, sightseeing, and shopping, leading to a new peak in passenger traffic at the Qingmao Port. It is predicted that from April 3rd to 7th, the passenger flow through the Qingmao Port will reach approximately 580,000, with a peak daily passenger flow of 125,000, and the peak traffic is expected to occur on April 4th.On April 3, local time, Kyiv Oblast Governor Kalashnikov announced that the region had been hit by a large-scale missile and drone attack launched by Russia. The attack has resulted in one death and one injury. Local air defense forces have launched air defense operations in the area. Russia has not yet responded.The Polish military stated that military air operations related to the Russian airstrikes on Ukraine have ended; no violations of Polish airspace occurred.

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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