EUR/USD 1.15610
0.327%
Gold 4332.30
2.166%
Oil 77.549
0.230%
USD/JPY 157.565
-0.553%
GBP/USD 1.34927
0.293%
GBP/JPY 212.601
-0.268%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: The Pentagon has allocated a budget and set a timetable for the classified "Golden Dome" space program.On August 8th, U.S. Treasury Secretary Bessant posted on social media: "Todays jobs report underestimates the underlying strength of the real economy: businesses are being built, factories are producing, and worker productivity is increasing. July marked the fifth consecutive month of job growth in goods-producing sectors. So far this year, goods-producing sectors have created 105,000 jobs, marking the strongest seven-month start since 2023. Furthermore, second-quarter productivity growth more than doubled expectations, creating favorable conditions for sustained U.S. economic growth and real wage increases for U.S. workers. Strong third-quarter economic growth expectations further indicate that the U.S. economy is poised for accelerated growth. As the U.S. produces more and worker productivity continues to rise, the U.S. economy will benefit: higher wages, stronger businesses, more consumer choice, and economic expansion built on supply-side strength that can reduce inflation, rather than relying on short-term stimulus effects."U.S. Treasury Secretary Bessenter: The economy is expected to accelerate.U.S. Treasury Secretary Bessenter: Today’s jobs report underestimates the potential strength of the U.S. economy.According to Reuters, the White House sent a letter to Federal Reserve Governor Cook dated August 5, requesting her to provide a written response to related statements within 21 days.

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