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On September 12, local time, President Xi Jinping attended the first phase of the 18th BRICS Summit in New Delhi. Xi Jinping emphasized that the world is currently undergoing profound changes, with the global South growing significantly and multipolarity becoming unstoppable. At the same time, unilateralism and power politics are on the rise, multilateralism and the international order are under attack, and the deficits in peace, development, security, and governance are widening. BRICS countries must firmly stand on the right side of history, act as pioneers of the times, guide the international order towards a more just and equitable direction, and work together to build a community with a shared future for mankind.On September 12, local time, President Xi Jinping attended the first phase of the 18th BRICS Summit in New Delhi and delivered an important speech. Xi Jinping pointed out that the situation in the Middle East Gulf continues to evolve in a complex manner. This conflict has caused serious losses to the people of all countries in the region and is not in the common interest of the international community. He put forward a four-point proposal for maintaining and promoting peace and stability in the Middle East, aiming to call for de-escalation, an end to the conflict, and the promotion of peace. All relevant parties should adhere to the direction of a political solution and promote a permanent and comprehensive ceasefire. China is willing to work with BRICS members to play its due role in achieving peace and tranquility in the Middle East Gulf region.European Central Bank President Christine Lagarde will speak in ten minutes.US President Trump: Oil prices will plummet when the war with Iran ends.US President Trump: I want to see Ireland united; it would be a huge honor for everyone. The UK will comment on this.

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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