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On July 24, Russian Foreign Minister Sergey Lavrov stated that despite the United States change of stance on the "consensus" reached at the August 2025 Alaska summit between the Russian and US leaders, Russia will fulfill its established mission in the special military operation in Ukraine. Lavrov emphasized that Russia expressed its sincerity in reaching an agreement at the Alaska summit, but comments from US Secretary of State Marco Rubio indicated that the US had revised its position. He pointed out that the US had assured Russia that Zelensky would take necessary steps to peacefully resolve the Russia-Ukraine conflict, but this promise has not been fulfilled. Lavrov stated that Russia prefers a diplomatic solution to the conflict, but will fulfill the conditions set by President Putin in June 2024 regardless. He also stressed that Russia has never abandoned the political and diplomatic solution to the Ukraine issue.July 24th - According to tech media Benchlife, NVIDIA (NVDA.O) has notified its motherboard partners of a price increase affecting GDDR6 and GDDR7 memory kits. It is understood that NVIDIA packages GPU chips and VRAM (video memory) chips into kits when selling products to its partners, who are then responsible for installing these chips onto their own designed PCBs (printed circuit boards) to produce custom graphics cards. With the upcoming price increase for GDDR6 and GDDR7 memory kits, it is expected that AIB (Add-in Board) manufacturers will have no choice but to raise their graphics card prices accordingly.The Russian Ministry of Defense stated that over the past night, Russian air defense forces intercepted and destroyed 571 Ukrainian drones over Russian territory, the Sea of Azov, and the Black Sea.The Russian Ministry of Defense stated that Russian forces struck 27 Ukrainian military vessels in the past week.On July 24th, to facilitate the development of supporting regulations for the "Regulations on the Supervision and Management of Non-bank Payment Institutions" and to standardize the management of Category II stored-value account operations, the Peoples Bank of China has drafted the "Administrative Measures for Category II Stored-Value Account Operations." The "Regulations" and their implementing rules redefine payment business classifications, placing prepaid card issuance and acceptance under Category II stored-value account operations and outlining basic business requirements. As a supporting system to the "Regulations," the "Measures" clarify specific rules for Category II stored-value account operations, ensuring the thorough implementation of the "Regulations." With the development of prepaid card business, some new situations have emerged in the market, including both innovative practices that benefit the public and issues of irregularities and risks. Therefore, it is necessary to adapt and improve the regulatory system in light of the development trends and potential risks of prepaid card business, create a favorable policy environment, and promote the healthy and orderly development of the prepaid card industry.

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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