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On May 25th, Japanese media reported that the oil tanker "Idemitsu Maru," operated by a Japanese company, arrived at a port in Aichi Prefecture, central Japan. This is the first Japanese oil tanker to leave the Strait of Hormuz and return to its home port since the outbreak of hostilities with Iran. According to Kyodo News, citing sources, the "Idemitsu Maru" carried 2 million barrels of crude oil, equivalent to approximately 80% of Japans daily crude oil consumption. All crew members, including three Japanese nationals, are in good health. The crude oil will next be transported via undersea pipeline to a refinery in Aichi Prefecture.As geopolitical tensions between the US and Iran ease, international oil prices continue to decline. A quick overview of the pre-market conversion prices of crude oil between domestic and international markets is provided in this chart.Spot gold and silver are trending upwards; a chart provides a quick overview of the pre-market conversion prices of gold and silver between domestic and international markets.On May 25, President Xi Jinping held talks with Serbian President Aleksandar Vučić at the Great Hall of the People in Beijing. Xi Jinping emphasized that the ironclad friendship between China and Serbia is unique, with a profound historical logic and a solid foundation in reality. Both sides should continue to firmly support each other. China supports Serbia in adhering to a development path suited to its own national conditions and is willing to strengthen exchanges of experience in governance with Serbia. Chinas 15th Five-Year Plan comprehensively outlines high-quality development goals; both sides should strengthen the alignment of development strategies, implement the medium-term action plan for jointly building the Belt and Road Initiative, and continuously promote cooperation in areas such as transportation and energy infrastructure. Facing the new wave of technological revolution and industrial transformation, both sides should increase cooperation in emerging fields such as artificial intelligence, the digital economy, green energy, and advanced manufacturing to explore new growth points.On May 25, Iranian media reported that an Iranian delegation led by Parliament Speaker Mohammad Ghalibaf arrived in Doha, the capital of Qatar. The delegation will hold consultations with senior Qatari officials on issues related to ending the conflict.

The Japanese Yen at the Pump Again, as PMI Friday commences. Where can I buy USD/JPY?

Larissa Barlow

Apr 02, 2022 09:54

Tips 

  • The Japanese Yen resumed its unbroken downward march.

  • In a rather calm session, APAC equities were mixed.

  • Prior to the US non-farm payrolls, a series of PMIs will be released.

 

The Japanese yen fell more today, but the other G-10 currencies remained relatively stable. It was left to its own devices in the absence of any commentary/jawboning from Bank of Japan (BOJ) officials.

 

Japan's Jibun Bank PMI increased from 54.1 last month to 54.1, while China's Caixin PMI fell short of expectations at 48.1.

 

APAC equities markets remained quiet following a more than 1.5 percent decline in Wall Street's three major indices. Hong Kong and Japan ended slightly down, the Chinese mainland ended slightly higher, and the Australian share market ended flat heading into the weekend.

 

Crude oil appears to be vulnerable, with the WTI futures contract trading below US$ 100 a barrel. Brent is currently trading at roughly US$ 104.50. Gold has been relatively stable, selling about US$ 1,937 an ounce.

 

Government bond yields have increased marginally in Asia, with the benchmark 10-year Treasury note nearing 2.4 percent. The carefully studied 2-10's segment of that curve momentarily dropped into negative territory and remains close to inversion at 0.005 percent.

 

Following European PMIs and the Eurozone's aggregate CPI figure, the US will receive March non-farm payrolls data, with predictions of 490,000 jobs added, according to a Bloomberg survey. Later this week, the US and Canadian PMIs will be issued, followed by the ISM manufacturing survey for the United States.

 

Additionally, a number of ECB and Fed speakers will cross the wires.

Technical Analysis of the USD/JPY

USD/JPY began the week on a strong note, surging to its highest level since 2015.

 

The August 2015 and June 2015 peaks of 125.28 and 125.86, respectively, fell barely shy of the 125.108 record. These levels may continue to act as a barrier.

 

The explosion in volatility can be observed in the breadth of the Bollinger Band based on the 21-day simple moving average (SMA), which expanded considerably throughout the move.

 

It has since returned within the band's confines, initially testing support at the 10-day SMA at 121.317, which held. If tried again, that level may provide support.

 

As expected, all short, medium, and long-term SMAs are pointing upward. A persistent move below the 10-day SMA may provide insight into whether or not that momentum is about to stall.

 

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