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On April 18, it was learned from the Ministry of Public Security that on April 17, eight departments—the State Taxation Administration, the Ministry of Public Security, the Supreme Peoples Court, the Supreme Peoples Procuratorate, the Peoples Bank of China, the General Administration of Customs, the State Administration for Market Regulation, and the State Administration of Foreign Exchange—held a national meeting in Beijing on April 16 to promote the normalized joint crackdown on tax-related crimes. The meeting discussed and deployed key tasks for the next stage, focusing on promoting the normalized joint crackdown mechanism on tax-related crimes to play a greater role, effectively safeguarding a fair and law-based economic and tax order, and better serving high-quality development. The meeting emphasized that all departments should strengthen the construction of a full-chain, integrated crackdown mechanism from administrative law enforcement to criminal justice; deepen multi-departmental data sharing, information exchange, joint analysis, and coordinated crackdowns; intensify efforts to combat tax-related crimes such as invoice violations, export tax fraud, and fraudulent tax benefits; strengthen case-based tax education and legal interpretation; continuously strengthen warnings and deterrence; and continuously improve the effectiveness of joint punishment, further creating a new situation in the joint crackdown on tax-related crimes by the eight departments.On April 18, Turkish Foreign Minister Fedan stated that Israel uses security as a pretext to seize more land, but true peace requires an end to the use of force against other countries. AFP reported that Fedan, speaking at the Antalya Diplomatic Forum in Turkey, said, "Israel is not pursuing its own security, but more land. The Netanyahu government is using security as a pretext to occupy more land." "Israel has created a false impression internationally, claiming it is acting for its own security. But the facts are very clear, especially in recent years… its aims go far beyond that," Fedan said.U.S. Central Command: Since the blockade began, 23 ships have turned back at the direction of the U.S. military.German Finance Minister: Structural reforms are a certainty.German Finance Minister: Germany has indicated its willingness to cooperate with the Global South on the issue of UN Security Council reform.

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

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