EUR/USD 1.16861
0.775%
Gold 4815.37
2.332%
Oil 89.838
-11.034%
USD/JPY 158.197
-0.888%
GBP/USD 1.34182
0.945%
GBP/JPY 212.277
0.071%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
April 8th - Ebury analysts stated in a report that market volatility is expected to intensify in the coming days as the US and Iran begin negotiations on a long-term peace plan. They said, "We suspect that market participants will not fully commit to risk-on trading, and oil futures or the dollar will not return to pre-war levels until a permanent agreement is reached."On April 8, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked whether the spokesperson could introduce the arrangements for Foreign Minister Wang Yis visit to North Korea, and what Chinas expectations were for the visit. Mao Ning stated that China and North Korea are traditional friendly neighbors connected by mountains and rivers. Maintaining, consolidating, and developing China-North Korea relations has always been the unwavering strategic policy of the Chinese Party and government. Foreign Minister Wang Yis visit is an important measure for both sides to implement the consensus reached by the top leaders of the two parties and countries and promote the development of bilateral relations. China is willing to work with North Korea to strengthen strategic communication, enhance exchanges and cooperation, and continuously advance the traditional friendly and cooperative relations between China and North Korea.On April 8, local time, Ali Nikozadeh, Deputy Speaker of the Iranian Islamic Parliament, stated that Irans Supreme Leader would not approve the signing of a ceasefire agreement if the United States did not accept the 10 ceasefire terms proposed by Iran. Nikozadeh also stated that the Strait of Hormuz would not be restored to its previous state.Dutch Foreign Minister: I welcome the two-week ceasefire agreement between the United States and Iran. All parties must abide by it and work towards a sustainable solution to the conflict. The reopening of the Strait of Hormuz is crucial for all shipping.April 8 - It was learned from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) that a new Overseas State-owned Assets Management Bureau has been established under the SASAC.

USD/JPY Price Analysis: Double Top Formation Supports Bearish Reversal, 128.00 Targeted

Daniel Rogers

May 10, 2022 10:48

After reaching a fresh multi-year high of 131.35 on Monday, the USD/JPY pair experienced a sharp decline. The difference between the new multiyear high and the previous high of 131.26, reached in the last week of April, is negligible. Therefore, the recent high may be categorized as an unsuccessful attempt to establish above the previous high.

 

The asset produced a Double Top pattern on a four-hour time frame, indicating a bearish reversal after the successful retesting of the prior highs. The key resistance is established by the high of April 28 at 131.26.

 

Notable is the flattening of the 20-period and 50-period Exponential Moving Averages (EMAs) at 130.42 and 129.94 respectively, which indicates weariness in the uptrend.

 

Meanwhile, the Relative Strength Index (14) has switched from a bullish range of 60.00-80.00 to a consolidation range of 40.00-60.00, indicating a contraction in volatility.

 

The yen bulls could enjoy a brief ride if the asset falls below the 50-EMA at 129.94, which would take the currency towards Thursday's low at 128.76. A break of the latter will bring the asset to the round level support at 128.00.

 

In contrast, the dollar bulls could regain control if the asset surpasses the multi-year high at 131.35. This will take the pair toward the 15 April 2002 high of 132.38, followed by April's high of 132.82.

USD/JPY

image.png 


Suggestion