EUR/USD 1.14166
0.025%
Gold 4049.61
1.052%
Oil 82.017
-0.295%
USD/JPY 162.509
0.015%
GBP/USD 1.34386
0.063%
GBP/JPY 218.396
0.082%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Downing Street: Any further action, including funding for long-term measures, will be announced in the budget along with estimates from the Office for Budget Responsibility (OBR).Downing Street: The new Prime Minister will act swiftly to cut electricity taxes. Funding for the abolition of the electricity tax will come from this years digital identity card abolition project, and the VAT on electricity will be eliminated from October 1st.On July 21, Jiang Lue, spokesperson for the China Coast Guard, stated that on the morning of July 21, out of humanitarian considerations, China allowed the Philippines to transfer injured personnel from the Philippine Coast Guard vessel No. 57, which was illegally grounded on Renai Reef, to the Philippine Coast Guard vessel No. 9702 via a ship-borne small boat. The Chinese Coast Guard questioned and confirmed the Philippine vessel and monitored the entire process. The Chinese Coast Guard will continue to carry out law enforcement activities in accordance with the law in Renai Reef and its surrounding waters to safeguard national territorial sovereignty and maritime rights.July 21 – The Japanese government has finally approved an annual economic and fiscal policy plan that emphasizes the independence of the Bank of Japan, but has yet to address the high cost of a significant reduction in the food sales tax. The Cabinet approved the plan on Tuesday, noting in a footnote that specific monetary policy tools will be the responsibility of the Bank of Japan, and its autonomy must be respected. This is a key addition to the original draft released on June 30. The plan does not include Prime Minister Sanae Takaichis commitment to suspend the food sales tax, a proposal that has raised concerns about how the government will raise funds without exacerbating its fiscal situation. The document states that the government will finalize the relevant policies in early August.The yield on Japans 30-year government bonds rose 3.0 basis points to 3.90%.

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.


image.png 


Suggestion