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ConocoPhillips executives said the Qatar LNG joint venture project in Northfield East and Northfield South could be delayed by months rather than years.On Tuesday, May 19, the Hang Seng Index closed up 122.67 points, or 0.48%, at 25,797.85; the Hang Seng Tech Index closed up 12.52 points, or 0.26%, at 4,857.46; the H-share Index closed up 41.99 points, or 0.49%, at 8,639.96; and the Red Chip Index closed up 11.52 points, or 0.26%, at 4,496.08.Hong Kong stocks closed higher, with the Hang Seng Index rising 0.48%, the Tech Index rising 0.26%, and Baidu (09888.HK) rising 1.48% after its earnings report.On May 19th, at the AMD AI Developer Day event in Shanghai, AMD (AMD.O) CEO Lisa Su delivered a 10-minute speech. During her speech, Su discussed AMDs commitment to the Greater China region, stating that AMD has over 4,000 engineers in its R&D centers in Beijing, Shanghai, Shenzhen, and Taipei. AMD EPYC processors are already supporting over 700 cloud instances of leading cloud services in China. The company also has ecosystem partnerships with over 100 software providers, startups, and universities. Su also made predictions about AI development trends. She stated that in 2020, there were approximately 1 million active AI users globally, and this number is projected to reach over 1 billion by 2025 and 5 billion by 2030—meaning that 5 billion people will be using AI daily within the next five years.South Korean President Lee Jae-myung: South Korea and Japan will expand supply chain cooperation. South Korea and Japan have reached an agreement to strengthen cooperation in liquefied natural gas and crude oil, including information sharing on reserves.

The USD/JPY Currency Pair Swings in a 60-Pip Range as Bulls Reclaim 124.00 on a Positive Note

Drake Hampton

Apr 08, 2022 10:07

Tips

  • The USD/JPY is up 1.26 percent this week.

  • The greenback strengthens as investors shrug off geopolitical concerns.

  • Forecast for the USD/JPY Exchange Rate: As bulls, we are leaning upward and are aiming for the YTD high of 125.10.

 

As the Asian Pacific session opens, USD/JPY pair extends its weekly gains on broad US dollar strength. The USD/JPY remains strong at 124.15, after trading in a tight 55-pip range over the last three days as the Eastern Europe conflict between Russia and Ukraine enters its sixth day.

 

Asian market futures continue to trade higher, despite the ongoing Russia-Ukraine confrontation. Contrary to the positive tone of Asian market futures, which point to a stronger open, US equities concluded the afternoon in a divided mood. Investors shrugged aside Russia-Ukraine tensions on Thursday, despite Russian Foreign Minister Sergei Lavrov's complaint that Ukraine's new draft accord submitted to Russia does not meet Russia's demands on Crimea and Donbas. Meanwhile, recent reports indicate that Russia is regrouping soldiers in preparation for another offensive aimed at reclaiming Ukraine's eastern territories, Donetsk and Luhansk.

 

The North American session on Thursday featured Fed speakers, lead by St. Louis Fed President James Bullard, who stated that the Fed is still behind the curve in its efforts to contain inflation. Bullard said that by the second half of the year, he would like to see the Federal Funds Rate (FFR) at 3.5 percent.

 

Later that day, Chicago Fed President Charles Evans indicated that "we (the Fed) will reach neutral by the end of this year or early next."

 

On the Japanese docket, the Current Account for February and Consumer Confidence for March would be the headline economic data releases. On the US front, Wholesale Inventories for February will be released on a monthly basis. 

USD/JPY Forecast: Technical Analysis

The USD/JPY continues bullish, but the average daily range (ADR) has been 55 pips during the last three days. Daily moving averages (DMAs) below the spot price further reinforce the uptrend, and it's worth noting that the 100-DMA at 109.48 is on the verge of crossing over the 200-DMA at 109.60.

 

With that considered, the first resistance level for the USD/JPY would be 124.00. If the latter is breached, the March 29 daily high of 124.30 will be revealed, followed by the year-to-date high of 125.10.


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