EUR/USD 1.17191
-0.098%
Gold 4610.73
-0.238%
Oil 99.257
-3.172%
USD/JPY 157.057
0.284%
GBP/USD 1.35728
-0.221%
GBP/JPY 213.173
0.072%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 3, local time, Mojitaba Zarei, a member of the Iranian Parliaments National Security and Foreign Policy Committee, revealed new details of the Islamabad talks on social media. Zarei stated that the Islamabad negotiations were based on the permission of Irans Supreme Leader. In addition to obtaining permission, the content of the negotiations must also be conducted within the framework of the Supreme Leaders approval: when the US side wanted to discuss nuclear technology issues, they were informed that the Supreme Leader had prohibited the delegation from discussing technical details on this issue; from now on, decisions in this regard will be made entirely by the Supreme Leader. Furthermore, the head of the Atomic Energy Organization of Iran was prohibited from joining the negotiating team.Ukrainian President Zelensky: Ukrainian troops struck two Shadow Fleet oil tankers in the waters leading to the port of Novorossiysk, Russia.The local governor said the fires sparked by the Ukrainian drone attack on the Russian port of Primorsk have been extinguished.On May 3, local time, information from the maritime news agency "Tanker Tracker" indicated that a very large crude carrier (VLCC) belonging to the National Iranian Tanker Company, carrying over 1.9 million barrels of crude oil (worth nearly $220 million), successfully evaded tracking by the U.S. Navy. The vessel is currently transiting the Lombok Strait in Indonesia, en route to the Riau Islands.Detroit automakers have warned that economic losses due to rising commodity prices this year could reach $5 billion as tensions rise due to the war in the Middle East.

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