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Samsung Electronics: System LSI business revenue hit a record high in the first half of the year.Samsung Electronics: Profits are expected to continue to grow in the second half of the year.On July 30th, Huatai Macro Research Report stated that the FOMCs decision to hold rates steady in July somewhat eroded the Feds credibility, leading to rising inflation expectations and higher long-term interest rates. We believe the probability of a Fed rate hike in September remains high. The unexpectedly hawkish FOMC meeting in June resulted in tighter financial conditions, lower inflation expectations, and increased Fed credibility. However, with energy prices rising again, the market may have begun pricing in Warshs claim of zero tolerance for inflation as mere rhetoric. The subsequent rise in inflation expectations and long-term yields suggests that the Feds credibility may have been somewhat eroded. We reiterate our baseline forecast of a high probability of a September rate hike, 1-2 rate hikes this year, and 2 rate hikes before mid-next year. The risks remain: ① Warsh may have been merely bluffing; ② The AI boom may abruptly end, leading to tighter financial conditions and making a rate hike unnecessary. Pay attention to the July-August employment/inflation data and Warshs Jackson Hole speech on August 27th.Samsung Electronics reported a net profit of 71.3 trillion won for the second quarter, compared to market expectations of 68.5 trillion won. The chip divisions operating profit for the second quarter was 89.2 trillion won.On July 30th, according to foreign media reports, international oil prices rose nearly 7% on Wednesday. As large-scale airstrikes reignited in the Middle East, market hopes for an impending end to the conflict between the US, Israel, and Iran were dashed; meanwhile, US government data showed domestic crude oil inventories had fallen to multi-year lows, exacerbating concerns about supply reductions. UBS analyst Giovanni Staúnovo stated that the renewed military strikes in the Middle East and Iranian officials reiterating their intention to control shipping activity in the Strait of Hormuz (despite a significant reduction in oil flow through the strait) further pushed up oil prices. On Wednesday, the US and Saudi Arabia launched strikes against Iranian-backed groups in Iraq, accusing them of drone attacks on Saudi oil facilities. Hours earlier, the US military announced it had successfully thwarted an Iranian raid targeting US forces in the region. Iran, in turn, stated it fired on ships in the Strait of Hormuz and US bases in Jordan.

Price Analysis: EUR/JPY Daily Rising Wedge Targeting 143.00

Daniel Rogers

Nov 23, 2022 16:01

 截屏2022-11-23 上午9.53.21.png

 

The EUR/JPY continues to consolidate within an ascending wedge, after ending Tuesday with tiny losses of 0.04% due to a risk-on sentiment. At the start of the Asian trading session, the EUR/JPY exchange rate is 145.48, representing a slight gain of 0.01%.

 

As noted previously, a rising wedge emerged on the EUR/JPY daily chart, with the bulk of daily lows acting as dynamic support after the 50-day Exponential Moving Average (EMA). In spite of the fact that the cross continues to move steadily, there has been less price action during the past four days. This would suggest that the EUR/JPY exchange rate is stable or that a breakout is near.

 

If the EUR/JPY reaches 146.00, it could accelerate a rally toward the year-to-date (YTD) highs near 148.40; however, buyers must first overcome crucial resistance levels. The first is the rising wedge top trendline close to 146.50, followed by the 9 November daily high at 147.11. After the psychological 148.00 is reached, the next objective will be 149.00.

 

If the EUR/JPY breaks below the rising wedge, the 50-day exponential moving average (EMA) around 144.12 would provide first support. A breach of this level will expose the 143.00 level, followed by the November 11 swing low of 142.54.

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